Contact Us 020 7292 4710 020 7292 4710

Welcome to
MORGAN PRYCE’S KNOWLEDGE CENTRE


Our Knowledge Centre combines a unique set of useful tools to assist ALL office movers. Use our moving guides, office space calculator, dynamic rental map and other tools to get an idea of what type of office your company needs. We’ll make sure you get there.
Register for FREE now and get full access.

Enter

Derwent sells the Copyright Building

Derwent sells the Copyright Building
25th July 2017

Derwent sells the Copyright Building

In Q4 2012, Derwent London acquired a 68-year leasehold interest in 25-27 and 29-33 Berners Street for £36.5 million, later extended to 127 years. Planning consent for the ‘Copyright Building’, 30 Berners Street, Fitzrovia, was granted in October 2014, to provide 87,150 sq ft of offices and 20,000 sq ft of retail space. Construction began once vacant possession of 25-27 and 29-33 Berners Street was achieved in 2015.

The Copyright Building is due to complete in Q4 2017, at which point Capita can move in. Capita pre-let the entire office space at a gross rent of £7.4 million per annum, which nets back to £6.5 million per annum after ground rent is paid to The Berners – Allsopp Estate, the freeholder. Capita has taken a 20-year lease at £86 per sq ft, 34 months rent-free and five-yearly, upwards-only rent reviews.

Derwent London has decided to sell its long leasehold interest in the Copyright Building to Union Investment Real Estate for £165 million, marking a net internal yield of 4.2% for Union Investment. £148.7 million is the adjusted sale price, taking into account rent-free periods and a rent guarantee on the vacant retail space. There are currently three retails units totalling 20,000 sq ft, with an estimated rental value of just over £950,000 per annum.

Eugene O’Sullivan, Surveyor and Director at Morgan Pryce, explains; “Rents have increased by almost 100% over the last six years in Fitzrovia, and the area has grown in popularity with media and tech tenants. Unfortunately, the huge rental growth translates to large increases in rates, which may have a negative impact on rents in the area, but currently demand remains high.”

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.


Login and get FULL AND FREE ACCESS to our unique Knowledge Centre.

Please note that we will not share your information with any third parties.

Forgot your password?

Please enter the email address used to create your account and follow the instructions to recover your password.

Didn’t receive an email? Check your spam inbox!

Create Your Account

Instructions have been sent to

Well Done!

Please check your inbox for a confirmation email.
You can manage your account details, email alerts and shortlists directly from your account.

or continue browsing

Loading...

Thank you for confirming your email address! You are now subscribed to our Newsletters.

By continuing your browsing on this site, you agree to the use of cookies used to perform visit statistics.

Accept