Central London property sale completed - commercial mortgages

02 April 2008

In news which may interest those seeking commercial mortgages, a central London property has been sold for a figure reported to be around £90 million.

The transaction has seen Resolution buying the Quadrangle Building on Oxford Street, along with the neighbouring Beaver Building and Paramount House from Crown Estates, Property Week reports.

In total, The Quadrangle and the Beaver Building have 11 retail units and 79,000 sq ft of office space, while Paramount House has 21,000 sq ft including two retail units.

Resolution spokesman Robert Wolstenholme said: "This is the latest purchase for Resolution Real Estate Fund III, launched at the start of this year and underlines our strategy to make selective acquisitions in Central London," while Crown Estates'' director of investment and asset management Paul Clark said the sale was part of a strategy to dispose of the firm''s "non-core" assets.

Commercial property in London and other parts of the UK is being snapped up in large quantities by German property firms which have amassed large funds in order to take advantage of current lower prices, Bloomberg reports.