L&G ‘acquiring’ One Piccadilly Gardens

EUROPA Capital is said to be selling One Piccadilly Gardens to L&G Property in an off market deal worth £75m.

Property Week said the 170,000 sq ft block on the edge of Piccadilly Gardens was under offer to L&G.

Neither side was prepared to comment but a source confirmed L&G was in the advanced stages of buying the building.

Europa bought the building from an Irish investor for £67m in 2011 with Paul Parkinson. The property’s tenants include the Homes and Communities Agency, commercial property agent JLL and the Bank of New York.

The transaction would include the Pavillion on the edge of the gardens which has around 3,000 sq ft of retail space and has been derided for having the appearance of the Berlin Wall.

The deal reflects a buoyant investment market in the city with deals completed in recent months in Deansgate, Spinningfields, and across Piccadilly Gardens at City Tower.