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Exclusive: Pearl takes back control of Oxford St gem

By Paul Norman - Thursday, January 10, 2013 11:23

The receivership of 431/451 Oxford Street, London W1 by Allsop’s Jon Gershinson and Louisa Brooks has been brought to a close by Irish Bank Resolution Corporation (IBRC), on 21 December 2012.

This asset was the largest of several in the joint venture between Structadene and CRDC that entered fixed charge receivership following a protracted dispute between the partners. This dispute was amicably and permanently resolved in August 2012.

Structadene will now assume complete responsibility for managing the prestigious asset, which constitutes the entire island site opposite Selfridges and is adjacent to the recently completed Park House development.

Cushman & Wakefield and Michael Elliott have been appointed to provide strategic advice going forward.

David Pearl, chairman and chief executive officer of the Structadene Group, said: “The West End market is attracting a considerable amount of investment and development interest and I look forward to continuing to work this property to realise its maximum potential. I believe the building could be worth in excess of £120m.”

pnorman@costar.co.uk