Receivers at Allsop have been appointed to a mixed-use block opposite Selfridges on Oxford Street, W1.
The multi-let, mixed-use retail, office and residential was bought by David Pearl’s Structadene in 2005 for £70m with jv partner Continental Resources Development Corporation.
Pearl said: “The current investment climate in Oxford Street and the West End generally is extremely strong and there are many buyers keen to acquire such a landmark asset with enormous potential for redevelopment. Given this fact and the current impasse with CRDC, appointing a receiver to sell the largest and single most valuable asset in this jv enables us to fulfil our commitment to the lender to repay a substantial part of the remaining debt in the jv and realise an impressive return on the investment.”
The appointment of a fixed-charge receiver over 431/451 Oxford Street and Mayfair Court property does not affect any other property in Structadene’s.