Land Securities (LandSec) has completed the sale of Bowater House in Knightsbridge, London SW1, to a Guernsey-based property development vehicle for £150m.
The sale follows LandSec’s application to Westminster council in September for the redevelopment of the property as 101 flats above 16,000 sq ft of retail space.
The new owners are hoping the residential component will generate more than the record £1,500 per sq ft that is being asked at developer Sammy Lee’s nearby 199 Knightsbridge scheme.
All leases in the building expire in 2005 and tenants include Lowe Lintas, CBSBroadcasting and Marriott Hotels
Mike Hussey, managing director of LandSec’s London portfolio, said: “We are delighted to have concluded the sale of Bowater House, recognising the value we have created through developing plans for a world-class residential scheme.”
References: EGi News 30/03/05
