Lord Sugar's Amsprop starts £200 million property spending spree

Lord Sugar’s real estate empire is launching a £200 million property spending spree, its boss told the Evening Standard.

Amsprop Estates managing director Daniel Sugar, the Apprentice star’s son, said the business it “sitting on a major cash pile” and intends to buy prime London offices and shops.

He added: “We have recently experienced evidence of international buyers becoming seriously attracted to prime commercial real estate that has perhaps been revamped and commercially worked through, to provide an end product that is both very high quality and safe in terms of being well located within the capital.”

The firm this week made a £50 million profit by selling the Sugar Building next to St Paul’s Cathedral that it bought only three years ago.

Dubai-based Al Gurg bought the site for around £80 million.

Last month Amsprop completed a straight 15 year lease of the entire 40,126 square feet of office space to upmarket serviced office firm London Executive Offices at a rent believed to be in excess of £80 per square foot overall.

According to letting agent Malcolm Trice at Ingleby Trice, it “is a record rental deal for a single letting in a low rise building in the City of London”.

This is the second investment sale in recent months for Amsprop.

In June it sold part of its freehold interest in the former Burberry headquarters on Haymarket.

Despite retaining some of the freehold property, the company made over a profit of around £30 million.