Centre Point up for sale at £90m

ONE OF London's most infamous grey concrete 1960s monoliths, the Centre Point tower at the junction of Charing Cross Road and Oxford Street, is up for sale with a £90m asking price.

According to Property Week, current investors in the building include Sir John Beckwith, whose property and shares empire with his brother Peter is said to be worth at least £250m.

The 35-storey Grade II listed building's biggest tenant is employers' organisation the CBI, but it has gained a less salubrious reputation in recent years as its environs have become an after-dark hang-out for homeless people and drug users.

Current owner Blackmoor bought Centre Point in July 2000 as part of a £495m package of properties called the Oldham Estate from MEPC, which was taken private in a £3.5bn management buyout that year.

Now Blackmoor has hired agents Franc Warwick to sell the building and four bids have been submitted, according to Property Week.

Blackmoor's backers include Europa Fund, a property fund set up and part-owned by Beckwith, Deutsche Bank and privately owned Portfolio Holdings,which has been refurbishing the building.

AD agency Lowe & Partners has taken over 75,000 square feet of 60 Sloane Avenue from rival Leo Burnett at £32.50 per square foot with 10 years' lease from German fund Deka.