Land Securities Group PLC has agreed the unconditional terms for the sale of Bowater House to a Guernsey based property development vehicle. The transaction is expected to complete in the first quarter of 2005.
The sale was agreed following the Group’s submission of a detailed planning application to Westminster City Council for the residential redevelopment of the 250,000 sq ft Bowater House office building.
The proposed scheme, designed by Hamilton Associates, will create 101 apartments set above 16,000 sq ft of flagship retail accommodation and includes the creation of a new open space for Knightsbridge.
Mike Hussey, Land Securities’ Managing Director, London Portfolio, commented:
“This transaction reflects our strategy of releasing value as we create it from our London Portfolio. Having developed the plans for a residential scheme which pays justice to the importance of this site as a world class residential location we are delighted that our efforts are now recognised by the willingness of a quality residential developer to acquire this site