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.

Currently the Grade II, 36,500-square-foot building is 100% vacant. After nearly owning and occupying the building for 100 years, Burberry moved out in March.

"The building will suit a variety of uses including high end retail, residential, luxury boutique hotel, private members club, destination bar and offices, subject to planning," says Damian Corbett, selling agent at JLL. "It is a rare opportunity to be able to offer a vacant freehold in this location with so many potential uses and we expect to see very strong interest from occupiers and investors alike."