International investment manager Blackrock has agreed to sell 5 Strand on Trafalgar Square in London to a private Indian developer for a price in excess of £80 mln (€91 mln).
Held in the Blackrock UK Property Fund, the asset was acquired following strong competition from international bidders, the company said.
The freehold 72,359 ft2 (6,700 m2) office and retail property is fully let to Westminster City Council and Boots Plc, and was marketed by Cushman & Wakefield and Tudor Toone.
It benefits from a planning consent designed by Adjaye Associates for a 152,400 ft2 GIA office, residential and retail development.
According to Blacktock, the asset has a range of repositioning and redevelopment options including residential, office and hotel use, subject to planning.
The buyer was advised by Savills and Fladgate.