Land Securities opts not to do the Strand

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Real estate investment trust Land Securities is to sell its 3.3 acre Arundel Great Court property, situated just south of the Strand, in London, WC2.

Waterway PCP Properties is paying a headline price of £234m for the site, which has planning consent for 147 private flats, a hotel designed by Horden Cherry Lee overlooking the river Thames, and a 398,000 square feet office building designed by Wilkinson Eyre on the Strand.

Robert Noel, Managing Director of Land Securities' London Portfolio, explained the reasons for the sale, saying the group has a lot on its plate at the moment, particularly in London's West End, and rather than press ahead with redevelopment of the site its has decided to sell it.

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"We have always been clear we would not take forward every opportunity in our development pipeline," Noel maintained. "we have to make choices on the right allocation of resources and capital," he added.

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