L&G And Mitsubishi To Sell Former Leper Hospital For £700M
In his book "London: The Biography", Peter Ackroyd argued the Saint Giles area of London is somehow cursed.
Through its history, no matter how many times local authorities or private interests try to gentrify the area near Tottenham Court Road, it always remained seedy and down at heel. Its history as a leper hospital beginning in the 12th century is one possible reason, he mused, with the souls of those that suffered there still walking abroad.
Legal & General and Mitsubishi Estate might beg to differ. They have launched a blockbuster sale of the Central Saint Giles office and residential scheme. At £700M, the sale of the building, first reported by CoStar, would be the largest ever in London’s West End.
Occupiers at the 433K SF scheme include Google, which occupies 169K SF, and Mindshare, which occupies 80K SF.
L&G and Mitsubishi teamed up to develop the scheme, which cost £450M and was completed in 2010. As well as 400K SF of office space, the building includes 100 homes.
JLL is advising on the sale.
