British Land sells Leicester Square landmark to Irish investors
British Land has sold the freehold of the Swiss Centre on London's Leicester Square to Northern Ireland-based McAleer & Rushe for£47 million. The purchasers outbid 30 other interested parties and the sale price is 'substantially in excess of' British Land's March 2004 valuation of the property.

The Swiss Centre is a mixed use building including a cinema, restaurants, bars and a car park at lower levels, with offices above, totalling around 112,000 sq ft (10,500 sq m). It sits in a prime position on an island site in the heart of London's West End entertainment district, and is seen as an ideal refurbishment or redevelopment opportunity.

The property is currently let on short term, flexible leases, generating£1.80 million a year in rent. Jones Lang LaSalle acted on behalf of British Land.

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