Apprentice star to sell London property portfolio for £120m

Apprentice star to sell London property portfolio for £120m



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Business tycoon, reality TV star and, not to mention, multi millionaire Lord Sugar has put three of his Mayfair properties on the market.

Lord Sugar is seeking £120 million for the portfolio, a figure described as ‘pre-credit crunch prices comparable to 2006 numbers’ by The Independent newspaper.
The properties up for sale are a mix of retail, office and residential space and include: a retail and office property at 6-8 Bond Street, currently occupied by top clothes designers Dolce and Gabbana and magazine publishers Conde Naste, Albemarle House on the corner of Albemarle Street and Grafton Street – let to the royal jewellers Asprey & Garrard – and Sackville House on the corner of Sackville Street and Piccadilly.
The property investment portfolio is being sold by the property arm of Lord Sugar’s Amshold Group, Amsprop Estates, and is managed by his son, Daniel Sugar.
Commenting on the sale of the assets, Daniel said: "We have received unsolicited approaches from three parties but we decided it was best, and the right approach, to appoint a property adviser and see where the market is at. These properties are unique Mayfair freeholds."
The announcement of the portfolio sale has led to widespread speculation as to why Lord Sugar is choosing to sell the assets, with less optimistic analysts suggesting that Lord Sugar is expecting commercial property prices to fall. However, in Amshold Group's results for the year to 30 June, the overall value of the property portfolio fell by £65.2 million to £253.7 million, implying that Lord Sugar could be selling up in order to raise revenue. 
It is likely the properties will attract interest from foreign buyers who, enticed by the weak pound and lower prices, have dominated London’s commercial property market of late.
The entrepreneur and Apprentice star has been investing in the property market since 1985.
 

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