Business
Acquisition of Bush House, SW Wing, WC2, Headlease
Acquisition of Bush House, SW Wing, WC2, Headlease.
About this update from Derwent London Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1406H\n Derwent London PLC\n 02 August 2021\n \n \n \n \n \n \n \n \n \n \n2 August 2021\n \n \n \n Derwent London plc \n \n (\"Derwent London\" / \"the Group\")\n \n \n \n \n \n \n ACQUISITION OF BUSH HOUSE, SOUTH WEST WING WC2\nLEASEHOLD INTEREST\n \n \n \n \n \n \n Derwent London is pleased to announce the acquisition of the outstanding 7-year headlease interest in Bush House, South West Wing WC2 for £13.5m before costs. The Group already owns the freehold of this 103,700 sq ft office building facing the Strand. It is being acquired with vacant possession. Combining this purchase and the December 2020 valuation of the Group's freehold interest equates to £51.8m or c.£500 per sq ft.\n \n \n \n \n \n We have appointed architects Stiff & Trevillion on the refurbishment and extension of the existing building which, subject to planning, could increase the lettable area to c.130,000 sq ft with a possible start in 2022.\n \n \n \n \n \n Paul Williams, Chief Executive of Derwent London, said:\n \n \n \"This acquisition accelerates our refurbishment ambitions for this exciting site as well as creating immediate marriage value for the Group. We intend to restore our part of this London landmark to the prominence it deserves, ensuring the most modern, adaptable and sustainable design-led offices.\" \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 David Silverman, Executive Director\n \n \n Quentin Freeman, Head of 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 Olivia Durant\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 83 buildings in a commercial real estate portfolio predominantly in central London valued at £5.4 billion as at 31 December 2020, making it the largest London-focused real estate investment trust (REIT).\n \n \n Our experienced team ha...