Three developers are battling it out to buy the Arcadia site in Ealing Broadway, W5, to carry out a £500m mixed-use redevelopment over 4.2 acres.
Land Securities, Resolution Property and Shard developer Sellar Property have all submitted proposals to buy the plot, which stretches from Springbridge Road to the Broadway and to Haven Green, from administrator Grant Thornton, which is acting for Nama.
Glenkerrin, owned by Irish developers Ray and Danny Grehan, entered administration last year, after it was unable to pay back loans amounting to €650m (£545m).
It had drawn up proposals for a 24-storey tower comprising more than 500 flats, and 200,000 sq ft of shops, offices and leisure facilities, as well as the redevelopment of Ealing tube station.
Speaking after the deadline for bids on 29 February, joint administrator and European head of distressed real estate at Grant Thornton, Malcolm Shierson, said: “We received a number of expressions of interest in the site, but we are now working through what we consider to be the serious bids. Each party has a different idea for the Arcadia redevelopment.”
Three other bids are believed to be under consideration.
The administrator had originally wanted to sell off the assets on the site individually. However, Ealing council threatened to issue a compulsory purchase order to safeguard the future of the redevelopment and stop the Glenkerrin portfolio being broken up.
Shierson said he would only decide to sell the whole plot if the price was as viable as selling off individual assets.
He added that he was keen to sell by the end of March.
Joanna.bourke@estatesgazette.com
