Brit Land buys Mayfair estate

 
Kasmira Jefford
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BRITISH LAND revealed yesterday it has acquired the Clarges Estate on Piccadilly for £130m from the low profile Latvian Sebba family.

The group plans to develop the entire site opposite the Ritz and Green Park in Mayfair, into a 200,000 square feet scheme with shops, offices and luxury flats.

The whole site will be worth around £500m once finished.

In a statement for the three months to 30 June, the firm said it had enjoyed a strong operational performance and made £205m of investment in the period, of which £143m of acquisitions have exchanged or completed.

It has also made £59m of sales at 1.1 per cent ahead of valuation.