M&G puts £90m Bloomsbury redevelopment opportunity up for sale

M&G has put mixed-use property 247 Tottenham Court Road, W1, up for sale for around £90m. It is understood Knight Frank has been instructed to look for a buyer for the 73,600 sq ft property, which is a mixture of retail, offices and residential, with vacant possession obtainable in September next year. The freehold site, just a short distance from Tottenham Court Road station, has a passing rent of £3.6m and is a prime redevelopment opportunity. It was acquired by Prudential Assurance Company in 1998 for £23.5m from the Peninsular and Oriental Steam Navigation Company, according to Radius Data Exchange. Current occupiers include Pret a Manger, Caffè Nero and Flying Tiger at ground level and financial advisers Timothy James & Partners, teacher recruitment and training firm Protocol Education, small business finance firm Iwoca and marketing consultant E-Dialog. Earlier this month M&G also put the long leasehold at 20 Churchill Place in Canary Wharf, E14, up for sale for around £300m. M&G declined to comment. To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette