A mixed-use development at Piccadilly Circus, located in London’s West End area in the UK, has been put up for sale by its owner, UK property company Landsec. Known as Lucent, the freehold development occupies an “island site” – a standalone parcel surrounded by roads on all sides – that spans one acre (about 0.4ha or 43,560 sq ft), according to Savills, which, together with investment bank Lazard, has been appointed to handle the sale.

“This Piccadilly Circus site is world-renowned and represents an incredibly rare opportunity to buy not just a high-profile freehold asset in London’s West End, but also a high-quality new development completed only two years ago,’ remarks Paul Cockburn, director in Savills’ Central London investment team.

Completed in 2023, Lucent is an ambitious redevelopment project encompassing 13 original buildings that were unified under a new complex. It has 188,000 sq ft of mixed-use space, including 126,000 sq ft of newly-developed offices and 58,000 sq ft of prime retail space. Located on Shaftesbury Avenue and Regent Street, the retail space is leased to tenants including Boots and Lindt.

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The city block also houses Piccadilly Lights, a digital billboard that has long been an iconic landmark of the area. It is also the largest advertising screen in western Europe, says Savills.

Lucent has a guide price of GBP450 million ($764.7 million). If sold, the deal would be the largest single sale in London’s West End since 2022, according to Savills. The firm adds that Landsec will continue operating Piccadilly Lights on a new 250-year leasehold arrangement and retain 95% of its net operating income.

Cockburn notes that Lucent was largely pre-let before its completion, resulting in the spaces that are currently leased “at below-market rents”. “With limited risk exposure and exciting growth characteristics, we expect it [the proposed sale] to appeal to investors across the globe,” he adds