Lord Sugar puts £120m commercial property portfolio up for sale

Lord Alan Sugar has put a prestigious commercial property portfolio in London up for sale for £120 million.

The business tycoon and star of The Apprentice is selling the portfolio through his privately owned property vehicle Amsprop Estates, which is part of the Amshold Group.

Centred on the Mayfair district, the portfolio comprises three properties including 6-8 Old Bond Street, which is occupied by the luxury retailer Dolce & Gabbana and the publishing house Condé Nast, Albemarle House on the corner of Albemarle Street and Grafton Street and Sackville House on the corner of Sackville Street and Piccadilly.

Daniel Sugar, Lord Sugar's son and the manager of the commercial property investment portfolio, said: "We have received unsolicited approaches from three parties but we decided it was best, and the right approach, to appoint a property adviser and see where the market is at. These properties are unique Mayfair freeholds."

As the Independent observed, the proposed sale is at "pre-credit crunch prices", with the £120 million valuation for the portfolio comparable to 2006 numbers.

Lord Sugar has been investing in the UK commercial property market since 1985.