BHS’s West End office sells for a second time this year in £38m deal

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J9 Properties, a wholly owned subsidiary of Alexander Dellal’s Allied Commercial Exporters has agreed to sell North West House to Schroders-managed WELPUT for £38.3million.

The deal comes just two months after J9 bought the building for a lower price from BHS and just after Sir Philip Green announced the sale of Bhs department store chain to Retail Acquisitions.

Dellal’s grandfather “Black Jack” Dellal was a property tycoon. He had the reputation of being one of the capital’s shrewdest and most successful wheeler-dealers in the casino business during the 1960s and 1970s.

The 40,000 sq ft block gives “exposure to a popular sub-market” said Nigel Kempner, investment director of Quintain Estates and Development which advises WELPUT.

 

Nick Montgomery, head of UK real estate investment at Schroders, added: “This is the first transaction we have completed since the £200 million refinancing and represents a further step forward for WELPUT as it builds on its market leading position, following last year’s modernisation.”

Property agent Michael Elliott advised on the purchase.

Source Article from http://www.standard.co.uk/business/business-news/bhss-west-end-office-sells-for-a-second-time-this-year-in-38m-deal-10236173.html

May 8, 2015 |
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