Derwent Valley has sold three properties in central London for a total of £58.6m.
Clients of Insight Investment Management have acquired Berkshire House at 168-173 High Holborn, WC1, for £25m and 28-29 Dover Street, W1, for £11m.
Berkshire House, which is held on a lease expiring in 2137, comprises 52,400 sq ft of multilet offices and produces an income of about £1.2m pa.
The building has undergone a refurbishment programme. Three floors, totalling 15,300 sq ft, are vacant in the building.
Derwent Valley is responsible for the rent and outgoings on this space for 18 months, an estimated maximum commitment of £1m. This will be reduced by any income received from the space over the period.
Dover Street is a multi-let freehold property with offices and ground floor retail space, comprising 15,000 sq ft. The building is fully let at £600,000 pa.
In a separate transaction, contracts have been exchanged with a private investor for the sale of 19-29 Woburn Place, WC1, for £22.6m.
The 101,000 sq ft freehold office building was acquired as part of the Chelsfield portfolio last year.The tenant, whose rental commitment is £2m pa, will be vacating shortly.
Managing director John Burns said: “Derwent Valley’s portfolio contains a substantial pipeline of refurbishment and development projects.
“Therefore, with stock difficult to source in a strong investment market, we are in a good position to make opportune disposals such as these.”
References: EGi News 27/04/05
