Land Securities has exchanged contracts to sell its 3.3 acre Arundel Great Court, WC2 site for a headline price of £234 million (approx. 280 million) to Waterway PCP Properties Ltd.
The site has planning consent for 147 private apartments, a hotel designed by Horden Cherry Lee overlooking the Thames, and a 398,000 ft² (approx. 37,000 m²) office building designed by Wilkinson Eyre on 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."
Source: Land Securities