Administrators sell Haymarket building in London

The administrators of Rock Group have confirmed the sale of a Grade II listed building in Haymarket, London to a client of Cheval Properties for an undisclosed figure.

Paul Kemsley's Rock Group, which purchased the building in 2007, was placed into administration in 2009.

'In an international real estate market starved of good quality stock, the Haymarket building offers the rare combination of a vacant freehold property benefiting from fantastic development potential, located within the West End of London,' said Peter Spratt, partner and joint administrator at PricewaterhouseCoopers.

He added: 'This is only the second time the property has been sold in 100 years and has attracted a significant level of interest both in the UK and abroad, particularly as it lends itself to so many different uses from a luxury boutique hotel to high end retail or residential accommodation. We believe the sale reflects continued demand for quality assets within good locations, in particular those which have potential for enhanced value through redevelopment.'

Jones Lang LaSalle advised the seller.