Business
Acquisition of 230 Blackfriars Road SE1
Acquisition of 230 Blackfriars Road SE1.
About this update from Derwent London Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2746R\n Derwent London PLC\n 04 November 2021\n \n \n \n \n \n \n4 November 2021\n \n \n \n Derwent London plc \n \n (\"Derwent London\" / \"the Group\")\n \n \n \n \n \n \n ACQUISITION OF 230 BLACKFRIARS ROAD, SOUTHWARK SE1\n \n \n \n \n \n \n Derwent London is pleased to announce that it has exchanged contracts to acquire the 100-year leasehold interest in Conoco House and Quadrant House at 230 Blackfriars Road SE1 in Southwark for £55.0m before costs. The ground rent is a fixed £5,000 pa.\n \n \n \n \n \n Conoco House, a 1970s office building comprising 60,300 sq ft, is multi-let at a passing rent of £2.1m (£41 per sq ft on average) with all leases expiring in 2025, with tenant breaks in 2023. The net initial yield is 3.5% which would rise to c.4.2% on letting the 9,400 sq ft of vacant space. The acquisition cost, excluding Quadrant House, equates to £880 per sq ft on the existing space. The adjoining Quadrant House is a 36-unit residential building let to 2074 at a nominal rent. Together they occupy a 0.8 acre site, which includes 30 car parking spaces, and has medium-term potential for a substantial office-led development.\n \n \n \n \n \n Paul Williams, Chief Executive of Derwent London, said:\n \n \n \"We are delighted to have exchanged contracts to acquire 230 Blackfriars Road, an exciting addition to our medium-term development pipeline, and which establishes a new village for us in the heart of South London's Innovation Corridor and Health Science cluster in Southwark.\" \n \n \n \n \n \n \n \n \n For further information, please contact:\n \n \n \n \n \n \n \n \n Derwent London\n \n \n Tel: +44 (0)20 7659 3000\n \n \n \n \n \n \n \n Paul Williams, Chief Executive\n \n \n Nigel George, Executive Director\n \n \n Quentin Freeman, Investor Relations\n \n \n Robert Duncan, Investor Relations\n \n \n \n \n \n \n \n \n \n Brunswick Group\n \n \n Tel: +44 (0)20 7404 5959\n \n \n \n \n \n \n \n \n \n \n Nina Coad\n \n \n Emily Trapnell\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Notes to editors\n \n \n \n \n \n \n \n \n Derwent London plc\n \n \n \n \n \n Derwent London plc owns 81 buil...