The building housing one of London’s longest standing attractions is being offered for sale. Property entrepreneur, Nick Leslau, is asking at least £300m for the Marylebone Road premises occupied by Madame Tussauds wax museum since 1884.
The Marylebone asset was acquired as part of a larger portfolio nearly a decade ago. It is expected to attract international property investors looking to get a slice of London’s commercial market or expand their existing holding.
“Since we listed, people have looked at our portfolio and inevitably you get calls. We decided it wouldn’t be appropriate to do an off-market deal,” explained Nick Leslau, who runs Prestbury Holdings with his long-term business partner Mike Brown.
On a potential buyer, he added: “It’s possible, but less likely, to be a UK institution. It’s more likely to be a sovereign wealth fund or a high net-worth individual.”
The 131-year-old attraction will be unaffected by the sale which is seen as yet another indication of the capital’s booming commercial property market.
Madame Tussauds is owned by the FTSE 200-listed Merlin Entertainment which has a 27-year lease on the property. It will continue to pay the £15.5m-a-year rent and has the option on a 70-year extension.
Ranked as one of London’s top 10 must see tourist venues, Madame Tussauds was valued at £294m in its last accounts. There are 20 Tussauds-branded attractions around the world including recently opened museums in Shanghai, Beijing and Singapore.
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