West Tower Developments, a private investment vehicle, has paid a rumoured £5.5m for the 10,590 sq m (114,000 sq ft) office building, Elan Point, within the City Reach development in London’s Docklands, E14.
The purchaser beat off stiff competition from other developers to buy the property for residential conversion. Roger Lewis Docklands and Chesterton, who are instructed to let the shell and core building, are quoting £1.39 per sq m (£15 per sq ft) and are looking for a major occupier to sign a 25 year lease.
Roger Lewis said: “We are confident that such a landmark building will prove attractive to central London occupiers, attracted by the offer of a bespoke building which can be delivered within seven months of agreeing terms.”
St Quintin advised the vendor, administrative receivers to Indes Estates.
EGi News 28/08/97
