In a bid to cash in on the “Crossrail effect” on property, Lord Sugar has snapped up Time Warner’s Soho HQ for £24m.
The building, 44-45 Great Marlborough Street, is located between the future Bond Street and Tottenham Court Road Crossrail stations.
Estates Gazette reports that Sugar’s Amsprop Estates bought the property from a private client of Helix Property Advisors and paid in cash.
Sugar is expected to refurbish the building once Time Warner’s lease expires in February 2014.
Crossrail figures estimate the price of commercial space along the £14.8bn line to increase by 10% over the next decade.
Plans for the £1bn redevelopment of Tottenham Court Road station include new retail units, offices, residential spaces and new squares.
Crossrail has received approval for a 300,000-square foot retail, commercial and residential space above Bond Street’s eastern ticket hall at Hanover Square.
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