New property development firm Almacantar have proved they plan to hit the ground running in 2011, by netting their second commercial property deal in as many months. The firm, which only started trading in 2010, already seems to have a penchant for investing in ‘iconic’ London landmarks. In February, Almacantar’s first commercial property deal of the year saw them chosen as preferred partners in a £400m redevelopment of Lord’s Cricket Ground, and they now hope to breathe new life into London’s Centre Point Tower. Centre Point, close to Tottenham Court Road tube station, was one of the first skyscrapers to appear in London when it was built in the 1960s. The Grade II listed building was originally intended for a sole tenant but, after remaining empty for many years, now houses a variety of businesses. Current occupants include the William Morris Agency, the Confederation Of British Industries (CBI), and Paramount Private Members’ Club. The Centre Point deal, thought to be worth £120m, will mean that another commercial property will be rescued from an uncertain future. Administrators Deloitte were called in after previous owners Targetfollow went into administration. The property developer struggled to stay on top of debts, and owed Lloyds Banking Group somewhere in the region of £700m. Centre Point now seems to be in safe hands as Almacantar’s co-founder, Mike Hussey, has plenty of experience in this area, being the former managing director of Land Securities’ London portfolio. Immediate plans for the building include improving rental incomes and filling vacant office space, and there have also been reports concerning possible residential use for some of the space, no doubt helped by the government’s recent announcement that they are relaxing the planning red tape on converting commercial property into apartments. Not a bad start for a newcomer to the commercial property market.
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