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