The sale of the former Burberry building is part of a large sell-off of trophy assets that were a part of Paul Kemsley's portfolio. Kemsley's company, Rock Joint Ventures was placed in administration in June. PricewaterhouseCoopers is acting as administrators of the shareholding company in the Rock Group and is appointed to oversee the sell-off of the $817.4-million portfolio. According to reports PwC officials estimate the process will take nearly two years to complete.
The building has only been put on the market twice, counting this time, in the last 100 years, according to Barry Gilbertson, real estate partner at PwC.
"The sale provides potential buyers with an incredible chance to secure a very rare thing in the West End--the freehold of a prestigious property, with tremendous development opportunities, just at a time when the international real estate market is starved of quality product," Gilbertson says.
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