Centre Point tower sold

Marion Dakers
NEW PROPERTY company Almacantar could turn some floors of the Centre Point tower into luxury flats, after buying the tower out of administration.

Almacantar, set up last year by former Land Securities executive Mike Hussey, has exchanged contracts on the Grade II-listed tower near Tottenham Court Road underground station.

The firm did not say how much it paid for the tower, home to the CBI and oil firm Saudi Aramco, but previous reports have put the price at £120m.

“In the medium term, we expect the building to provide exceptional office accommodation at a point when demand for West End offices will be high and competitive support low,” said Hussey in a statement yesterday.

But it is understood that Almacantar has lined up talks with Camden Council about getting planning permission to convert parts of the building into high-end residential space.

A source said the firm would initially focus on improving rental incomes from the building, which currently has several empty floors.

Centre Point was put in the hands of administrator Deloitte last year when owner Targetfollow defaulted on a £700m debt owed to Lloyds.

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