Property deal confirmed - commercial mortgages

04 March 2008

In news which may interest those with commercial mortgages, a major property deal has been confirmed in London which will see a property portfolio changing hands for £220 million.

The deal sees Nick Leslau''s Prestbury buying nine central London commercial properties from Invista Real estate for £220 million, Property Week reports.

Prestbury, which secured the portfolio for £15 million less than the original asking price, will begin its ownership of the properties by carrying out a major refurbishment on one of the buildings, the Andrew Street office building in Holborn, which has 45,000 sq ft of space, once current tenants Speechly Bircham move out in June.

In another deal which sees London commercial property being put on the market, it has been announced by property agency MERJS that a 1,283 sq ft office space at 53 Frith Street Soho is up for hire.