Lord Sugar's real estate empire is spending $200 million on properties. The new business venture was confirmed by the company's big boss. Amsprop Estates managing director Daniel Sugar, told the Evening Standard, the business is "sitting on a major cash pile" and intends to purchase "prime London offices and shops."
"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," he added.
Last month, Lord Sugar's real estate empire Amsprop Estates completed a straight 15 year lease of the 40,126 square feet of office space at the Sugar Building - next to St Paul's Cathedral to "upmarket serviced office firm London Executive Offices at a rent believed to be in excess of £80 per square foot overall, according to Evening Standard.
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."
Recently, Lord Sugar also invested in apartment buildings, situated in the heart of St. James. The five apartments in the building is expected sell between £7 million and £10 million each. The two and three bedroom homes is said to featured with walk-in wardrobes, en suite bathrooms, cloakrooms and bar areas. TV Dragon Kelly Hoppen, who is known for being the top designer of A-list celebrities was hired by the company earlier this year to design the two of the apartments at Bennet House, just a short distance away from the famous Ritz Hotel.
Some of the freehold property of the company are reportedly retained. However, they still managed to earn over a profit of around £30 million.