Thrupenny Bit in St Martins sell-off

Annabel Dixon 30/07/2010 10:50

A development project next to St Paul’s Cathedral, EC2, is among assets to be sold as part of St Martins’ £900m disposal strategy.

The investment arm of the State of Kuwait, which this week appointed Savills to handle the sell-off, has earmarked 5 Cheapside as one of a number of properties to be sold.

The octagonal building, known as the Thrupenny Bit, has consent for a seven-storey, 108,000 sq ft office scheme.

Other properties in the sell-off, revealed by Estates Gazette last week (24 July, p21), include several offices spread across the UK. In London, these include West 45 in Hammersmith, W6, and Gateway and Oriel Houses, both in Richmond, Surrey.

Five shopping centres – including Centrale in Croydon and Kings Mall, W6, and three retail parks in Rugby, Warwickshire, Chelmsford, Essex and Folkestone, Kent – are also included, alongside a number of industrial estates in locations including Minworth in Birmingham, Bedford, and Wandsworth, SW18.

A St Martins spokeswoman said: “The sales will be phased over a period to take maximum advantage of market conditions, and consist of properties in different sectors and geographical locations which will appeal to a wide range of investors.

“The intended disposals form part of a wider investment strategy­ to focus the portfolio on larger property assets in London and selected other major European cities.”

annabel.dixon@estatesgazette.com

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