Amstrad boss buys IBM building in 115 million deal

A company owned by Amstrad boss Alan Sugar has bought the IBM building on the South Bank. The site ripe for development when IBM's lease ends in 2014.

Amsprop, an investment firm owned by Sir Alan Sugar and controlled by his son Daniel, bought the building from private investors for 115 million.

UK European Investments bought the 217,000 sq ft building in 2003 for 76.5 million.

The IBM Centre occupies a prime site between the river and Upper Ground east of the National Theatre and west of ITV's London Television Centre.

IBM's lease runs for another eight years. The trade press speculates that the site is likely to present a major redevelopment opportunity.

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