Chelsfield has put its Paddington Basin office development on the market with a price tag of over £250m. The 240,000 sq ft Waterside building, which is the new headquarters of Marks & Spencer, is likely to be offered for around £140m, while the 235,000 sq ft Point building, let to Orange, is worth in the region of £120m.
The move is part of Chelsfield’s strategy of selling its income-producing assets in order to repay debt, following Elliot Bernerd’s £900m management buyout earlier this year.
The two buildings are owned in a 50:50 joint venture with the family of the private investor, Bruce Jarvis.
David Philips, Chelsfield Director, confirmed: “We are taking advice on Paddington. It is no secret that we will be disposing of our investments over time.”
Chelsfield has instructed BH2 to handle the sale. Edward Symmons & Partners is advising the Jarvis family.