David Pearl’s Structadene is contemplating taking back ownership of a mixed-use block opposite Selfridges on Oxford Street, W1.
The entrepreneur may seek to take back the block – one of the flagships in his sprawling London empire – after settling a long-running legal feud with joint venture partner Continental Resources Development Corporation.
Fixed charge receivers at Allsop were appointed on the 53,000 sq ft block at 431-451 Oxford Street in May in a bid to repay its lender a “substantial part” of its remaining debt on the property. CBRE was then instructed to sell the asset for around £75m.
The prime island site, bought by the jv for £70m in 2005, is held on four long leases from the Grosvenor Estate with more than 143 years unexpired, but it has so far failed to attract a buyer.
Structadene and Liechtenstein-based CRDC, led by private investors Alla Ghani and Sadiq Shubber Shubber, had been locked in dispute since late last year after falling out over how best to deal with the Irish Bank Resolution Corporation’s decision to call in its loans on assets owned by the jv.
CRDC lodged a high court claim in April seeking to establish how the assets, valued at around £150m, should be sold.
This week Pearl said: “The dispute between Structadene and its partner Continental Resources Development Corporation has been amicably resolved.
“The remaining properties in the joint venture will continue to be managed by Structadene. Neither party will be available for further comment on this matter.”
samantha.mcclary@estatesgazette.com
