Tottenham Court Road eyesore set for revamp
An eyesore in Tottenham Court Road changed hands today for £146 million in one of the biggest property deals in the West End since the crash.
London landlord and developer Derwent London bought Central Cross, which includes offices, a row of electrical shops, and a cinema, from investors in Guernsey. The site last changed hands for £215 million at the peak of the property market in 2007.
Derwent chief executive John Burns said there were "significant opportunities" to refurbish the Seventies block.
"We will be looking to enhance the retail units fronting Tottenham Court Road, which will benefit substantially from nearby infrastructure improvements including Crossrail," he said.
The 2.1-acre site has an annual rental income of £8.1 million. Average rent is £34 per square foot. The three main tenants are FremantleMedia Group, global media company Ascent Media, and S Technologies, owner of Skype.
