Business
ACQUISITION OF BLUE STAR HOUSE, BRIXTON SW9
ACQUISITION OF BLUE STAR HOUSE, BRIXTON SW9.
About this update from Derwent London Plc
[{"type":"text","content":"\n \nRNS Number : 3581B Derwent London PLC 30 January 2020 \n\nDerwent London plc (\"Derwent London\" / \"the Group\")ACQUISITION OF BLUE STAR HOUSE, BRIXTON SW9\nDerwent London is pleased to announce that it has exchanged contracts to acquire the freehold interest in Blue Star House, 234-244 Stockwell Road, Brixton SW9 for £38.1m before costs. The 53,750 sq ft eleven-storey building comprises multi-let office space, including two vacant floors, with restaurant and leisure accommodation at ground/podium level. The rent on acquisition is £0.8m, equating to a low average rent of £14.50 per sq ft on the occupied office space. The acquisition price equates to a capital value of £710 per sq ft.\n \nThe property, which sits on a 0.7 acre site that includes a surface car park, is located immediately opposite the Brixton O2 Academy. Brixton underground and overground stations are only a few minutes' walk away with travel times to Victoria and Oxford Circus of just 7 and 11 minutes respectively.\n \nVacant possession can be achieved in the next few years and there is scope to redevelop the site with a significantly larger scheme.\n \nPaul Williams, Chief Executive at Derwent London, said:\n\"We are delighted to have acquired Blue Star House and added Brixton as a location within our portfolio. With its excellent connectivity to the West End, we see this as an exciting addition to our substantial development pipeline.\"\n- ends -\n \nFor further information, please contact:\n \n\n\n\nDerwent London\nTel: +44 (0)20 7659 3000\n \n\n\nPaul Williams, Chief Executive\nDavid Silverman, Director\nQuentin Freeman, Head of Investor Relations\n\n\n\n\n \nBrunswick Group\nTel: +44 (0)20 7404 5959\n \n\n\n \nNina Coad\nEmily Trapnell\n \n\n\n\n \n \n \nNotes to editors\n \n \nDerwent London plc\nDerwent London plc owns 84 buildings in a commercial real estate portfolio predominantly in central London valued at £5.4 billion (including joint ventures) as at 30 June 2019, making it the largest London-focused real estate investment trust (REIT).\n \nOur experienced team has a long track record of creating value throughout the property cycle by regenerating our buildings via development or refurbishment, effective asset management and capita...