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Jones Lang LaSalle appointed by LPA receiver Allsop to market iconic W1 estate

London, 2nd June 2010 - Jones Lang LaSalle announced today that it is to formally market the prestigious Piccadilly Estate, London W1 following the appointment of Jon Gershinson, Simon Davidson and Ania Packman of Allsop as LPA receivers.
The iconic W1 estate comprises circa 150,000 sq ft of accommodation on a site of over 1.3 acres.  The  estate incorporates six landmark historic freehold buildings including the former  home of one of London's oldest clubs, the “In and Out Club” set in a prime location with over 300 ft frontage to Piccadilly, overlooking Green Park as well as two further buildings at 4 Queen Street and 68 Mount Street.  The properties will be offered with vacant possession and present a unique opportunity to rejuvenate this historic and iconic part of London.  Offers in excess of £150 million are sought for the estate.
Damian Corbett, Head of West End Markets at Jones Lang LaSalle, said: “The Piccadilly Estate would suit a variety of uses including: embassy, residential, luxury hotel, offices or private members club subject to planning.  Our client will consider selling the entire estate or splitting it up, giving access to an even wider audience.  We anticipate a huge response from the market for an opportunity with such a significant history in such a prime location.”
Jon Gershinson, Managing Partner Commercial Division for Allsop LPA, commented: “The possibilities for the future use of the site either as a whole or in parts are tremendous.  Although there is an existing planning consent for a Hotel development there are many alternative uses which investors will recognise.  The opportunity will undoubtedly have a vast global appeal given its iconic nature.”
Notes to editors
Allsop LLP
Allsop is a leading property consultancy in the UK who in the past year have been appointed receivers on high profile properties such as Ham Yard, Soho; Alpha Place, Chelsea and Kings Reach Tower.