Landsec has agreed a deal to sell the Queen Anne’s Mansions (QAM) office block in Victoria, London, to Arora Group for £245m.
The 353,000 sq ft office was developed by Landsec in the 1970s and is currently fully let to the Ministry of Justice on a lease expiring in December 2028.
Landsec said the building would require substantial redevelopment after 2028 to make it fit for future office use, or any alternative use, and that the majority of the valuation of the asset was linked to its future redevelopment potential.
The unconditional sale, which Landsec has received a 10% non-refundable deposit for, is expected to complete in early December 2025.
Mark Allan, chief executive officer of Landsec, said: “This sale provides strong evidence of the continuing recovery in the Central London investment market and allows us to crystallise a full value for this off-strategy asset much sooner than we had envisaged. Including QAM, overall disposals since 31 March now total circa £500m, which is ahead of our initial expectations and, combined with continued robust operational performance across the business, means we are making encouraging early progress in delivering against our strategy.”
