Business
Sale of 19 Charterhouse Street EC1
Sale of 19 Charterhouse Street EC1.
About this update from Derwent London Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n16 January 2023\n \n \n \n Derwent London plc\n \n (\"Derwent London\" / \"the Group\")\n \n \n \n \n \n \n SALE OF 19 CHARTERHOUSE STREET EC1\n \n \n \n \n \nDerwent London announces that it has exchanged contracts to sell its 63,170 sq ft freehold interest in 19 Charterhouse Street EC1 for £54.0m before costs. The purchaser is a family office advised by Morgan Capital and BNF Capital Limited.\n \n \n \n \n \n The building, which was purchased in November 2013 for £41.3m after costs, is occupied by the London College of Accountancy on a lease expiring in August 2025. The passing rent is £2.6m pa. The disposal price represents a 4.6% net initial yield to the purchaser, a capital value of £855 psf and reflects a marginal discount to June 2022 book value.\n \n \n \n \n \n \n \n \n Paul Williams, Chief Executive of Derwent London, said:\n \n \n \n \n \"This sale forms part of our ongoing strategy of reducing our exposure to smaller buildings with less repositioning potential. As the flight to quality continues and occupiers become increasingly selective, proceeds will be recycled into our exciting development pipeline where we are currently on site with 435,000 sq ft of net zero carbon projects which we expect will deliver attractive returns.\"\n \n \n \n \n \n \n \n \n \n For further information, please contact:\n \n \n \n \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 Robert Duncan, 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 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 Notes to editors\n \n \n \n \n Derwent London plc\n \n \n \n Derwent London plc owns 75 buildings in a commercial real estate portfolio predominantly in central London valued at £5.9 billion as at 30 June 2022, making it the largest London-focused real estate investment trust (REIT).\n \n \n Our 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 capital recycling.\n \n \n We typic...