Malaysian investor Eastern & Oriental has made its UK debut, exchanging contracts to buy Princes House, WC2, for £20.25m.
The 46,087 sq ft building has been sold by DTZ Investment Management as a redevelopment opportunity, for a hotel or flats.
Alternatively, planning consultant DP9 has drawn up a planning report on refurbishing the property, including a new reception area.
Fashion retailer Paul Smith has a lease on the ground floor that expires in October 2017 and is paying £132,500 a year. The next rent review is in November. The rest of the building is vacant.
Michael Elliott advised the vendor, and CBRE acted for the buyer.
joanna.bourke@estatesgazette.com
