LAWFUEL – British & International Law News daily – Linklaters has advised the owner of Arundel Great Court on The Strand, London WC2 on its sale to Land Securities. The transaction is one of the largest investment sales in London this year.
The three acre island site contains 370,000 square feet of office space, including the current London HQ of Deloitte and the five star Howard Hotel.
The sale was completed following an extensive marketing campaign managed by CBRE utilising a website containing detailed legal and management information. The format and management of the website was similar to that deployed by CBRE and Linklaters on the sale of BP’s Knightsbridge estate in 2005.
Linklaters’ global head of real estate, Patrick Plant, said:
“Arundel Great Court offered to the market a unique opportunity to acquire an island site in Central London throwing up all sorts of interesting opportunities, so it is no surprise that a number of major property companies were keen to buy it. The use of a well planned and managed website in conjunction with CBRE, took a lot of investment time and effort to set up but paid dividends once we had reached preferred bidder stage and, once Land Securities had been identified in that role, we were then able to move to exchange and completion very quickly working with Land Securities’ lawyers, Nabarro Nathanson”.
Linklaters’ real estate team was led by Patrick Plant who was assisted by David Harpum and Arwyn Rees among others.
Partners, Gareth Jones and Nicholas Vergette, of Nabarro Nathanson together with a number of their colleagues advised Land Securities.