Sir Philip Green is
planning to sell off prime London
property in order to help save his ailing Arcadia Group retail business, it is
The Telegraph newspaper says that Green has ordered the sale of Corinthian House on Tottenham Court Road. The property was formerly a Dorothy Perkins store and is now an office investment. The newspaper says that BNP Paribas are marketing the building and are seeking £90m for it.
Arcadia, whose high street brands include Top Shop, Burton, Miss Selfridge
and Wallis with 570 stores nationwide is facing collapse unless it can agree a
CVA with its creditors, many of whom are its landlords. Green is also
apparently pledging £135m for a turnround plan for the company.
The Telegraph calls Corinthian House one of Green’s ‘prized central London properties’. That being the case or not, a property in such a prime London location will certainly be prized by investors. It shouldn’t take too long to find a buyer – perhaps from the Middle East or Asia and with cash to burn – to snap it up.