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Buyer is wanted to board the Ark
Hugo Duncan13.05.08
The owners of the Ark in Hammersmith are looking for a buyer, having gutted and refurbished the troubled office block.
GE Real Estate and Landid paid £49 million for the west London landmark in March 2006, and spent £20 million doing it up. They are now looking for tenants, but are also sounding out potential buyers without officially putting the Ark on the market.
It is thought it could fetch between £100 million and £120 million.
Landid co-founder Stephen Morgan said: "The business plan has always been to let it and then to sell it."
Landid insisted there was interest among firms looking to rent space and that was its priority. But no lettings have been secured, and doubts remain over Ark's suitability as an office.
Designed by Ralph Erskine, the Ark has been one of the capital's most troubled buildings since it was constructed in 1992.
It was hailed as an architectural wonder but quickly turned into a white elephant, and has been dogged by a torrid history of vacancies and insolvent tenants.
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