Prospect of £250m sale grows at Roof Gardens

The building that houses iconic west London venue Kensington Roof Gardens is being offered to investors. 

The mixed-use block at 99 Kensington High Street, W8, could fetch £250m, according to agents who have approached a number of potential buyers.  

It is owned by investor Tan Sri Quek Leng Chan, who became well known in the UK property scene as chairman and co-owner of Benchmark.  

Quek owned the controlling stake in the central London property company until its sale to GE Capital in 2004.  

He continues to control Malaysian investment company Hong Leong Group. 

It is not known how serious Quek is about selling the 370,000 sq ft building on Kensington High Street. Advisers are not thought to have been formally instructed. 

"It’s a lot of money for buyers to find in this market," said one agent.  

The former Derry & Toms department store backs onto High Street Kensington Tube station, and includes a 120,000 sq ft Marks & Spencer and a 60,000 sq ft H&M.  

Sony BMG Music Entertainment occupies around 100,000 sq ft of offices.  

The building is best known for the Grade II-listed gardens, operated by Richard Branson as part of his Virgin Limited Edition portfolio. 

Total rental income is almost £8m pa, with the potential to reach £9.5m if the vacant fifth floor is let.

 EGI News