Aviva Investors to sell West End block for £130m

Aviva Investors has hoisted a £130 million “for-sale” sign over one of its biggest West End buildings, in a move that could raise money for its large development pipeline.

The insurer’s investment arm has appointed property agent Knight Frank to seek buyers for the 37,440 sq ft block it owns on the corner of New Bond Street and Oxford Street.

It is home to fashion retailer Next, which has a lease there until at least next summer, and also has office space.

The disposal decision is not linked to tough High Street conditions hurting retail property values, it is understood.

A company spokesman said the fund in which the property is held is increasingly concentrating on pre-let office and hotel deals.

He added: “We will sell properties when we can achieve an attractive return for our clients and believe the proceeds can be better redeployed elsewhere, including our strong pipeline of development opportunities in London.”

In the capital any sale proceeds could be used towards Aviva’s projects, such as a retail and office development opposite the Liverpool Street Elizabeth Line Station. It is also investing in properties in Cambridge and Manchester.