Land Securities has exchanged contracts to sell its 3.3 acre Arundel Great Court, WC2 site for £234m to Waterway PCP Properties Ltd, a Dubai-based private equity group.
The site has had planning consent since 2009 for a mixed use development, including 147 private apartments, a five star hotel overlooking the Thames and a 398,000 sq ft office building designed by Wilkinson Eyre on the south side of the Strand.
Robert Noel, Managing Director of Land Securities' London Portfolio, said: "We have always been clear we would not take forward every opportunity in our development pipeline. With a good range of other schemes in construction and planned in London, particularly in the West End, we have to make choices on the right allocation of resources and capital. With all the occupational leases aligned to expire by September this year, the decision whether to start the redevelopment of Arundel Great Court is approaching and with better opportunities elsewhere in the portfolio we have decided to release value from the site."
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