Derwent buys Bush House lease to start refurb
Derwent London has bought the remaining headlease for Bush House on the Strand, WC2, to allow to start work on a comprehensive refurbishment.
The developer paid £13.5m for the seven-year headlease interest in the south west wing of Bush House.
It already owns the freehold of the 103,700 sq ft office building between Aldwych and the Strand, which was previously used by HM Revenue & Customs. The lease is being acquired with vacant possession. The combined value of the site is £51.8m or around £500 per sq ft.
Derwent London has bought the remaining headlease for Bush House on the Strand, WC2, to allow to start work on a comprehensive refurbishment.
The developer paid £13.5m for the seven-year headlease interest in the south west wing of Bush House.
It already owns the freehold of the 103,700 sq ft office building between Aldwych and the Strand, which was previously used by HM Revenue & Customs. The lease is being acquired with vacant possession. The combined value of the site is £51.8m or around £500 per sq ft.
Derwent London has appointed Stiff & Trevillion to design the refurbishment and extension of the existing building, which, subject to planning, could increase the lettable area to around 130,000 sq ft. Work is expected to start in 2022.
Derwent boss Paul Williams said: “This acquisition accelerates our refurbishment ambitions for this exciting site as well as creating immediate marriage value for the group. We intend to restore our part of this London landmark to the prominence it deserves, ensuring the most modern, adaptable and sustainable design-led offices.”
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