British Land (BLND) has signed an agreement with the Kennel Club that paves way to redevelop the Clarges Estate on London's Piccadilly. The charity’s office, which it owns freehold, sits in the middle of the site, and uncertainty over its relocation helped persuade developer Chelsfield to pull out of a £170m deal to buy the site last year. At that point British Land pounced, paying £130m for the buildings surrounding the Kennel Club office.
IC TIP:
Buy
at
547p
The real-estate investment trust and the club have agreed on a site for a new office, which will form part of the redevelopment. British Land can now put forward its revised application to build super-prime homes overlooking Green Park, plus shops and offices.
