Liz House meets £85m at Waterloo|
Property Week / 12 March 2010
London & Regional Properties has exchanged contracts to buy the Elizabeth House development site in London's Waterloo for £85m.
The company, which is led by brothers Ian and Richard Livingstone has agreed to buy the entire 240,000 sq ft block and development site from owners MSREF and P&O Estates.
The deal exchanged at the end of last week and was paid for in cash.
London & Regional saw off bids from Henderson Global Investors, Frogmore and British Land amongst others for Elizabeth House.
The site does not have planning consent after Communities and Local Governmnent minister John Denham threw out the 1.4m sq ft Allies & Morrison designed proposals last year. It is expected that the London & Regional will propose a smaller office led scheme.
Despite this, Elizabeth House is still considered to have tremendous potential by property insiders who cite the nearby redevelopments at the Shell Centre and Waterloo railway station as part of a wider regeneration of the area.