Landsec placed the famous island site at London’s Piccadilly Circus up for sale, with Savills and investment bank Lazard jointly appointed to market the freehold one-acre asset.
Landsec’s Lucent scheme
A guide price of £450m means a potential deal would be the largest single sale in the capital’s West End since 2022.
The site, known as Lucent, comprises 188,000 sq ft of mixed-use space, including 126,000 sq ft of office space. The retail and leisure element includes four flagship stores totalling 58,000 sq ft, located on Regent Street and Shaftesbury Avenue, which are leased to tenants including Boots and Lindt.
The sale will include the freehold that underpins Piccadilly Lights, the largest advertising screen in Western Europe. Landsec will continue to operate the digital infrastructure on a new 250-year leasehold and retain 95% of its net operating income.
Paul Cockburn, director in the central London investment team at Savills, said: “This Piccadilly 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.”
The office space includes Landsec’s flexible office brand MYO, and Verition Fund Management, which leased the third floor in 2024.
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