Great Western Developments bought a former London sorting office from Royal Mail for GBP 111m. The deal was signed on Tuesday and the newly privatized Royal Mail may receive an additional GBP 20m if the developer secures further planning permission for the 1 acre site. Royal Mail was granted permission in 2012 to renovate the property, which dates back to 1907, into 128 flats and an eight-story office building, with retail and restaurants on the ground floor.
Great Western Developments is owned by Hotel Properties Limited and Anchorage View, both of which are registered in Singapore.
