Derwent London offloads office property for £32.6m

(Sharecast News) - Derwent London said it had exchanged contracts to sell an office and retail property on London's Tottenham Court Road for £32.6m to a joint venture between Purestone Capital and BPS London. The sale is at a premium to June 2025 book value and is scheduled to complete in June this year.

The building contains offices across six floors plus four ground floor retail units and generates income of £1.7m, Derwent said on Friday.

"Investor demand for smaller value-add assets remains strong, which supports our disciplined approach to realising value. Proceeds will be recycled into other higher returning opportunities. These include our major on-site projects at Holden House W1 and Greencoat & Gordon House SW1, where we are confident in the strong rental growth outlook," said chief executive Paul Williams.

Reporting by Frank Prenesti for Sharecast.com