Almacantar announces that it has exchanged contracts to purchase Centre Point, London.
Centre Point is an iconic building located between Oxford Street and Covent Garden in London’s West End. The tower sits immediately adjacent to the new Tottenham Court Road Crossrail station, which is currently under construction. The opening of Crossrail combined with other initiatives in the vicinity is forecast to double pedestrian footfall to approximately 200,000 people per day, the same level as Oxford Circus. This will transform the area into one of London’s most accessible locations.
Centre Point and Centre Point House were designed by Richard Seifert and constructed as a mixed use development in the late sixties by Harry Hyams. The property was listed in 2008.
Commenting on today’s announcement, Mike Hussey, Managing Director of Almacantar, said:
“We are delighted to have acquired Centre Point. It is a rare opportunity to refurbish one of London’s key landmarks. In the medium term, we expect the building to provide exceptional office accommodation at a point when demand for West End offices will be high and competitive supply low. We are also keen to speak to stakeholders to understand the opportunity to improve the public realm and secure the long term future of this prized asset.”
Centre Point is Almacantar’s first investment acquisition since it formed last year. They recently entered into a period of exclusive negotiations with Marylebone Cricket Club to become their development partner for Lord’s Cricket Ground.