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Business News

Sugar sells D&G store for £68m

Lord Sugar has sold a Mayfair property for £68m making a hefty profit after buying the building for just £24m in 2002.

The Apprentice star has exchanged contracts with Giuseppe De'Longhi, on 6-8 Old Bond Street, which is let to luxury fashion retailer Dolce & Gabbana. Mr De'Longhi, the chairman of Italy's domestic appliance manufacturer De'Longhi Group, is buying the building in a personal capacity. It is his second significant West End purchase after buying Beauchamp Place for £20m in April. The deal is yet another on the exclusive shopping street which in the past 12 months has seen more than £300m of sales.

Lord Sugar's privately owned property vehicle, Amsprop Estates, plans to sell another two buildings in Mayfair. Daniel Sugar, Lord Sugar's son, manages the property portfolio. Property services firm Michael Elliott advised Amsprop.