Albermarle House profit sweet for Sugar

Amsprop Estates, Lord Sugar’s property company, has sold the freehold of Albermarle House, in Mayfair, for £19m. The sale of the West End of London property to a Dubai-based consortium has earned the company an £11m profit.

Tenant Asprey & Jarrard, which was previously the Crown Jeweller, will continue to pay an annual rent of £607,500. Its lease is due to expire in 11 years. Amsprop, which is also selling Sackville House, on Piccadilly, is currently managed by Lord Sugar’s son, Daniel.

The company has steadily continued to build a property portfolio since 1985, mostly focused on ultra-prime central and City of London freehold properties. It describes itself as a long-term investor in the London real estate market and frequently undertakes various aspects of construction and redevelopment opportunities as well as investments with potential for improvement through active management by its investment team.

Amsprop says it is committed to expanding its property portfolio and that it remains “extremely active” in sourcing the next suitable acquisition. It is currently promoting the availability of the first, second and third floors at GPS House, opposite Great Portland Street station, and next to The Portland Hospital, where it has completed a comprehensive refurbishment.