Mike Ashley cashes in on sale of Sports Direct West End Offices

Sports Direct's Mike Ashley has netted a substantial amount of cash by selling the lease for the company's office in West End to the University of Westminster.

According to the Evening Standard, the 999 year lease on 120 New Cavendish Street was sold for 44 million pounds, 6 million pounds over the estimated asking price of 38 million appointed property agents Savills and Michael Elliott were seeking.

The 32,500 square foot office building housed staff from Sports Direct as well as several other employees in which Ashley holds a controlling stake, such as sales site Mysale, who will be relocated to other offices.

The University of Westminster, which was advised by property agent Hanover Green, is set to use the location as a teaching space and currently owns two other properties on the same street. Geoff Petts, vice chancellor at Westminster University, noted that the purchase of 120 New Cavendish Street "is part of the next phase of our growth."