Point Properties Ltd, a company that is registered at 37 Esplanade, has bought the ground lease.
Lee Henry, the managing director of the JDC, said that the firm had been receiving a three per cent payment on hotel-room revenue as part of the deal, but had decided to ‘dispose of its interest’ because of favourable market conditions. The ground lease was valued at £1.75m in the JDC’s accounts.
Mr Henry said that the money would be used to ‘fund the JDC’s future pre-development activities’.
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