Derwent sells Asta House in Fitzrovia for £8.8m

An investor described as an “established private family office” has acquired Derwent London’s Asta House in Fitzrovia, W1, for £8.8m. The price reflects a 7% yield for the sale of the building at 55-65 Whitfield Street. The four-storey building is mixed-use, with the first floor being used as offices and the remaining upper floors as private flats. The 11,000 sq ft grade-A office is leased to structural and civil engineering company Elliott Wood Partnership until mid-2029. The remaining three floors comprise 20 private flats, two penthouses and 14 affordable flats sold off to affordable housing provider Origin Housing. Total annual rents for the property amount to £662,895, with £655,095 coming from the commercial lease at £59.50 per sq ft and £7,800 from ground rents. The security the lease provides to the investor is said to be one of the motivators behind the deal, as Elliott Wood Partnership has a minimal risk D&B Rating of 2A1 and reported post-tax profits of £1.4m for 2023. Tuatara represented Derwent London; Kontor acted for the purchaser.