Land Securities has agreed to sell the 1.3-hectare Arundel Great Court site in London to Waterway PCP Properties Ltd for a headline price of £234 million (€288 million). The site has planning consent for 147 apartment units, a 37,000-square-metre office building and a hotel.

“We have always been clear we would not take forward every opportunity in our development pipeline,” says Robert Noel, managing director of Land Securities’ London portfolio. “With a good range of other schemes in construction and planned in London, particularly in the West End, we have to make choices on the right allocation of resources and capital. With all the occupational leases aligned to expire by September this year, the decision whether to start the redevelopment of Arundel Great Court is approaching and with better opportunities elsewhere in the portfolio we have decided to release value from the site.”