Telegraph’s Victoria HQ in £200m sale

The Telegraph’s headquarters, once owned by convicted property fraudster Achilleas Kallakis, has been put up for sale at £200m.

CBRE is understood to have been appointed by Green Property Group to sell the 230,000 sq ft Victoria office block at 111 Buckingham Palace Road, SW1.

Estates Gazette understands offers in excess of £200m will be sought, reflecting a circa 5% yield.

The building, which is let to the Telegraph Media Group, where there is thought to be a rent review option in 2016, was part of a package of buildings Allied Irish Banks sold to Dublin-based Green Property in late 2008.

Number 111 Buckingham Palace Road was previously owned by a company affiliated with Achilleas Kallakis, who was found guilty, alongside his business partner Alexander Williams, of property fraud.

He had used forged signatures and sham guarantees, among a catalogue of other tricks, to dupe AIB into loaning him money to buy buildings.

Kallakis bought the Telegraph block from the Barclay Brothers in August 2007.

It was developed in 1983 and substantially refurbished from shell and core in 2003.