Lord Sugar's property firm Amsprop swoops on 1 Chancery Lane block
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Lord Sugar’s property firm Amsprop has made an opportunistic £17 million swoop on a London property whose original buyers pulled out in the aftermath of the Brexit vote.
The firm has bought 1 Chancery Lane — occupied by various barristers’ chambers — from investor Picton in a deal believed to have been struck and exchanged on within a week.
It is understood that the sale came after an overseas bidder pulled out of a £19.5 million deal after the referendum.
Managing director and son of the Apprentice star, Daniel Sugar said the deal followed a frustrating period: “We haven’t seen too much sensibly-priced stock that fits our criteria. We have made serious offers on lots of property, but with the low interest rates and Brexit uncertainty, it’s been tough.”
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Agent Springer Nicolas advised on the purchase. Picton was represented by Farebrother.
Sugar said: “It is a quality asset with a very strong address which will hopefully see decent long-term yield growth.”
Amsprop owns other buildings in the capital including in St James’s and near Old Street.