Bee Bee Developments is hoping “strata” selling will come to the rescue of two of its major Midtown schemes. It allows individual floors of a building to be sold freehold, write Sean Cronin and Adam Coffer.
Bee Bee has appointed EA Shaw, Richard Susskind & Co and Hodnett Martin Smith to market the Connection building on High Holborn, WC1, which has stood empty since the beginning of the year.
The 23,700 sq ft (2,200 sq m) six-storey building is being offered at £500 per sq ft (£5,382 sq m).
The 50,000 sq ft (4,600 sq m) GlassHouse in EC2 is also being offered on a floor by floor basis.
“With interest rates as low as they are, this is an ideal way for owner-occupiers to fund purchases and for developers to realise capital,” said Charlie Killen of EA Shaw.
Agents believe developers will increasingly use strata selling, which has been a success in Australia and America, to fill voids.
In August, Anthony Green & Spencer launched a department to concentrate on delivering strata projects.
See Saturday’s Estates Gazette for the full version of this story.
EGi News 18/10/02
