NAMA selling landmark Gillette HQ
THE iconic former European headquarters of Gillette in London is being sold by the National Asset Management Agency (NAMA).
'Property Week' magazine has reported that the the complex on Gillette Corner in the Isleworth area of west London is being put on the market by Savills and is expected to fetch in the region of £20m (€23m).
The Bonnington group bought the site at the end of 2005 for a reported £30m.
A spokesman for NAMA couldn't comment on whether it was involved in the reported sale.
Bonnington had been granted planning permission for the redevelopment into a business campus and a 500-bedroom hotel, complete with restaurant, meeting rooms and gym.
The Gillette company pulled out of the site in 2006 and relocated to eastern Europe.
When it was pushing its redevelopment plan, Bonnington said that it would bring substantial regeneration benefits for the wider area, including the creation of almost 2,300 jobs and the restoration of a listed building. It was reported in 2008 that the company had scaled back their plans because of the then credit crunch.