Derwent London has exchanged contracts for its 63,170 sq ft freehold interest in 19 Charterhouse Street, EC1, for £54m.
The purchaser is a family office advised by Morgan Capital and BNF Capital.
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Derwent London has exchanged contracts for its 63,170 sq ft freehold interest in 19 Charterhouse Street, EC1, for £54m.
The purchaser is a family office advised by Morgan Capital and BNF Capital.
Derwent London bought the building in November 2013 for £41.3m. It is occupied by the London College of Accountancy on a lease expiring in August 2025, with a passing rent of £2.6m pa.
The disposal price represents a 4.6% net initial yield to the purchaser and a capital value of £855 per sq ft, and reflects a marginal discount to June 2022 book value.
Derwent London chief executive Paul Williams said: “This sale forms part of our ongoing strategy of reducing our exposure to smaller buildings with less repositioning potential. As the flight to quality continues and occupiers become increasingly selective, proceeds will be recycled into our exciting development pipeline where we are currently on site with 435,000 sq ft of net-zero-carbon projects, which we expect will deliver attractive returns.”
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