London office space being bought up by Derwent.
Real estate company Derwent are buying up London office space.
London based property firm Derwent is buying up real estate in the UK capital as banks sell off their assets.
Derwent are to spend an estimated £750 million on various office space buildings in London. The firm has already spent £146 million on Central Cross offices located in Tottenham Court Road.
Sites that Derwent are reportedly interested in include buildings currently owned by Lloyds Banking Group, Royal Bank of Scotland and Anglo Irish Bank. The property firm have have £225 million in reserved bank facilities and £517 million in property against which it can raise finance.
Derwent have also submitted plans for three new projects that span 605,000 square feet altogether. The company has received a resolution grant for 121,500 square feet of space to be let for mixed uses.
Commercial property values in the capital narrowly avoided a double dip last month with a rise of just 0.1%.
“Although economic conditions remain uncertain, we are encouraged by the continued improvement of the central London office market and our letting successes,” commented John Burns, chief executive at Derwent.
Derwent have signed 35 new lettings in the third quarter adding up to 149,800 square feet which should generate a rental income of £2.9 million for the company.
Derwent are one of the most reputable real estate companies in London with a portfolio that spans from office buildings to education establishments.