Piccadilly Circus island site handed £450m price tag
Landsec has placed a landmark island site at London’s Piccadilly Circus on the investment market with a guide price of £450m.
The one acre site, known as Lucent, opened in 2023 and comprises 188,000 sq ft of mixed-use space. The retail element spans 58,000 sq ft and comprises four units on Regent Street and Shaftesbury Avenue, let to tenants including Boots and Lindt.
The sale would include the freehold that underpins Piccadilly Lights – the largest advertising screen in Western Europe – with Landsec continuing to operate the digital infrastructure on a new 250-year leasehold and retaining 95% of its net operating income.
Savills – which has been appointed to handle the sale alongside investment bank Lazard – said a sale completed at the £450m guide price would make it the largest single sale in London’s West End since 2022.
Paul Cockburn, director in the Central London investment team at Savills, said: “This Picadilly Circus site is world-renowned and represents an incredibly rare opportunity to buy not just a high-profile freehold asset in London’s West End but also a high-quality new development completed only two years ago.
“This is a highly successful scheme that was largely pre-let and so is now leased at below-market rents. With limited risk exposure and exciting growth characteristics, we expect it to appeal to investors across the globe.”