The owner of the world’s largest independent Toyota distributor, the Jameel family, has gone under offer to buy the former Guardian HQ at 119 Farringdon Road, EC1.
The Saudi investors are in exclusive talks with owners Farringdon Sarl, a Luxembourg-based company controlled by private Irish investors.
They are expected to pay around £29m for the major City fringe development opportunity, which was marketed by DTZ for £24m.
Farringdon Sarl bought the site at the top of the market in 2007 for £39m and achieved planning consent for 118 flats and 20,096 sq ft of commercial space. The consent has since lapsed but talks are understood to be ongoing with Islington Council regarding an extension.
Formerly home to the Guardian newspaper, the site comprises around 78,000 sq ft of office space over the lower ground, ground and six upper floors. It is multi-let, and generates an annual rent of £817,773 per annum with vacant possession achievable by March 2014.
Publishing company Datamonitor is the principal tenant.
The site attracted 25 bids from parties that included hotel and residential developers.
Companies including Allied London, Quadrant, Mount Anvil, Frogmore, Delancey, Salmon Harvester and British Land are understood to have been among those in the running.
All parties declined to comment.
