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Derwent London sells The Copyright Building for £165m

03 July 2017 07:40

Derwent London has exchanged contracts on the sale of its long leasehold interest in The Copyright Building, 30 Berners Street W1 to Union Investment Real Estate GmbH.

The group said the consideration was £165.0m, or £148.7m net of top-ups relating to rent free periods and a rent guarantee on the vacant retail space.

The building, which is under construction, will comprise 87,150 sq ft offices let to Capita Business Services Limited for £7.4m per annum and three retail units totalling 20,000 sq ft which are currently vacant.

The estimated rental value of the three retail units is £960,000.

There is a ground rent payable equivalent to 12.5% of gross rents.

The group said completion of the sale was expected in Q4 after the building had been completed. The group acquired a 68-year leasehold interest in 25-27 and 29-33 Berners Street W1 in late 2012 for £36.5m.

It subsequently regeared its headlease with the freeholder, The Berners-Allsop Estate, incorporating a third property, extending the lease to 127 years and enabling the property's redevelopment.

It said the disposal price represented a 4.2% initial yield to the purchaser and a significant premium to book value, thereby crystallising the development profit.

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