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Pillar Pulls Out of Leisure in $300M Sale

LONDON-Pillar Property has pulled out of the leisure development business with the sale of its two completed schemes in London and Edinburgh for a combined $300 million.

By Graham Parker | Updated on March 15, 2004

LONDON-Pillar Property has successfully exited the troubled leisure sector by selling its Omni development in Edinburgh and its Fulham Broadway scheme in London to private investors for a combined £171 million ($300 million).

The Fulham Broadway development has been sold for £96.7 million ($175 million). The scheme, completed in 2002, provides 196,499 sf of retail and leisure space with 146 car parking spaces. Located at the junction of Fulham Broadway and Fulham Road in South-West London, it is built around Fulham Broadway Tube station which is solely accessed through the scheme. The tenant line up includes Sainsbury’s Central, Warner Village Cinemas, David Lloyd Leisure, Borders and Virgin Megastore. FPD Savills and Jones Lang LaSalle advised Pillar on the sale.

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