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  1. Wealth
July 26, 2010

IoS: Lord Sugar sells Mayfair freeholds for £120m

By Spear's

The Apprentice’s Lord Sugar has signalled a return to the boom years with the proposed sale of three of his prized Mayfair properties, at pre-credit crunch prices.

The Apprentice’s Lord Sugar has signalled a return to the boom years with the proposed sale of three of his prized Mayfair properties, at pre-credit crunch prices.

The one-time Enterprise Tsar is seeking £120m for the portfolio, which would be comparable to 2006 numbers.

The star asset is the period façade retail and office property at 6-8 Old Bond Street, which is occupied by the luxury retailer Dolce & Gabbana and Condé Nast, the publisher of Glamour magazine. The other two properties are Albemarle House on the corner of Albemarle Street and Grafton Street, which is let to the royal jewellers Asprey & Garrard, and Sackville House on the corner of Sackville Street and Piccadilly.

Daniel Sugar, Lord Sugar’s son, who manages the property investment portfolio, said: “We have received unsolicited approaches from three parties but we decided it was best, and the right approach, to appoint a property adviser and see where the market is at. These properties are unique Mayfair freeholds.”

The three properties, comprising a mix of office, retail and residential space, are being sold by Lord Sugar’s privately owned property vehicle, Amsprop Estates, part of the Amshold Group. Michael Elliott, a property services firm, is the selling agent.

To read the full story, visit independent.co.uk

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