Investment firm LRC Group has bought a controversial build-to-rent block – once part-owned by an ex-Goldman Sachs banker – out of administration for £53m.
The property, called Parkview, is located in Brentford, West London. It has 286 flats.
A total of 11 parties made bids for Parkview, according to a report filed in recent weeks with Companies House by the site’s administrators at RSM.
CSquared Real Estate and Watling Real Estate (formerly Avison Young’s restructuring team) were appointed to sell the property last year, as previously reported by EG.
The block was valued at £100m at the time, with the administrators expecting to recover around £67m from the sale.
Lender OakNorth Bank called in the administrators in 2022 following an insurance dispute involving the site’s owners at the time, which included former Goldman Sachs International director Michael Sherwood, one of the bankers charged in the 1MDB scandal in 2019, as well as Paradigm Land director Joshua Garside and Cara Investment managing director Klaus Schupp.
See occupational sales comparables for Brentford>>
To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews
Investment firm LRC Group has bought a controversial build-to-rent block – once part-owned by an ex-Goldman Sachs banker – out of administration for £53m.
The property, called Parkview, is located in Brentford, West London. It has 286 flats.
A total of 11 parties made bids for Parkview, according to a report filed in recent weeks with Companies House by the site’s administrators at RSM.
CSquared Real Estate and Watling Real Estate (formerly Avison Young’s restructuring team) were appointed to sell the property last year, as previously reported by EG.
The block was valued at £100m at the time, with the administrators expecting to recover around £67m from the sale.
Lender OakNorth Bank called in the administrators in 2022 following an insurance dispute involving the site’s owners at the time, which included former Goldman Sachs International director Michael Sherwood, one of the bankers charged in the 1MDB scandal in 2019, as well as Paradigm Land director Joshua Garside and Cara Investment managing director Klaus Schupp.
See occupational sales comparables for Brentford>>
To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews
