Lord Sugar’s property company has sold 5 Cheapside, EC2, the City landmark it bought for £20.8m in 2012, for more than £80m.
Amsprop has completed a sale of the freehold interest to Dubai-based property group Al Gurg, the same investor that bought the IBM building from Sugar in 2013.
The deal crystallises a huge profit for Amsprop, which spent £10.5m refurbishing the 40,126 sq ft office.
Upmarket serviced office company London Executive Offices signed a 15-year lease at a rent of more than £80 per sq ft to lease all of the office space last month.
Amsprop managing director Daniel Sugar said: “Selling 5 Cheapside was really not something that we had envisaged doing. We are definitely long-term holders of our super-prime core freehold London stock. However, in this instance, given the relatively short period of time that we had owned 5 Cheapside and coupled with the unprecedented rent achieved and the low investment yield, we reluctantly agreed to the sale.
“Amsprop is now sitting on an enormous cash pile and our biggest challenge is to try and utilise the cash into other opportunities.”
