Centre Point, the distinctive skyscraper in London’s West End, is on the verge of being sold to a team of property entrepreneurs for £120m. Almacantar, the development company set up by former Land Securities executive Mike Hussey, has provisionally agreed to buy the tower from Deloitte. Almacantar is expected to spend two months on due diligence.
Centre Point was part of a portfolio owned by Targetfollow, the vehicle of Iranian born businessman Ardeshir Naghshineh. It was put into administration in October after defaulting on £700m debt from Lloyds Banking Group.
The 32-storey tower was built in 1966 by Harry Hyams. In 2008, a private members’ club called Paramount opened on the top floor. Centre Point is also home to the CBI, the business lobby.