Derwent acquires two new London office properties.
London office space bought up by development company Derwent.
Derwent London has purchased two London West End properties increasing their presence in the UK capital.
The company paid £76 million for the two buildings, both of which contain high quality office space. The first property is located a 1 Page Street in Victoria and was bought for $45 million. Derwent have also taken the headlease at the Network Building on 95-100 Tottenham Court Road for £31 million, the company already had ownership of the freehold of this property.
The Network Building consists of seven storeys and contains a varied range of office space in sizes such as 64,000 square feet to 56,000 square feet. The property also offers around 8,000 square feet of retail space.
1 Page Street contains 118,000 square feet of office space across 10 storeys. The entire property is currently vacant and is due to be refurbished and completed by around the middle of 2012.
A statement from Derwent said that the building “provides immediate asset management opportunities with 15,200 sq ft of vacant space which will be refurbished for delivery by the end of 2011”.
The current annual rental income of The Network Building stands at £2.1 million from the six tenants that occupy the space. The main tenant of the offices is advertising company TBWA, which occupies a total of 34,800 square feet.
John Burns, the chief executive of Derwent said that the acquisitions were “in line with Derwent London’s strategy to invest in central London property with significant potential for regeneration”.