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Derwent London has sold its 60,700 sq ft site at 10 Greycoat Place in Victoria for £50 million, reflecting a 10% increase on its December book value.
The premises was previously fully let to IWG, but the lease ended at the beginning of March and Derwent has since been conducting appraisal studies to increase the space to over 80,000 sq ft. Similar Grade A offices in the area are currently achieving headline rents of £50 to £55 per sq ft.
Investment director at Derwent London, David Silverman, says of the deal: “The disposal of Premier House will secure a significant premium above December 2018 book value. The proceeds from this sale will be recycled into our substantial on-site development pipeline.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.