Liberty sells iconic building for £41.5m

UPMARKET British retailer Liberty is selling its mock Tudor department store building in London's West End for £41.5 million to pay off debt, it said yesterday.

By The Newsroom

Published 15th Mar 2010, 20:02 BST

Updated 15th Mar 2010, 20:05 BST

The 135-year-old firm, 68 per cent owned by property group MWB Holdings, said it had exchanged contracts to sell the freehold interest in the 125,000-square-foot store on London's Great Malborough Street to Sirosa Liberty.

It will take a 30-year lease on the building at an initial annual rent of 2.1m, with five-yearly fixed rent reviews. Liberty said on Friday it was in the early stages of takeover talks with suitors.