Derwent London sells Bush House for £85m
Derwent London has exchanged contracts to sell the South West Wing of Bush House, WC2, for £85m.
The developer had originally intended to redevelop or refurbish the 103,700 sq ft freehold office building on Aldwych. Last year it paid £13.5m for the seven-year headlease interest on the property to allow it to speed up the work.
It 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 was expected to start this year.
Derwent London has exchanged contracts to sell the South West Wing of Bush House, WC2, for £85m.
The developer had originally intended to redevelop or refurbish the 103,700 sq ft freehold office building on Aldwych. Last year it paid £13.5m for the seven-year headlease interest on the property to allow it to speed up the work.
It 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 was expected to start this year.
Chief executive Paul Williams said: “The sale of Bush House has de-risked the refurbishment and resulted in the early crystallisation of our development return.”
The proceeds from the sale, which reflects a premium to the December 2021 book value, will be invested in Derwent London’s development pipeline.
Williams added: “As the flight to quality continues, we are focused on delivering our larger net zero carbon schemes at 25 Baker Street, W1, and Network Building, W1.”
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