Business
Horseferry House and 80-85 Tottenham Court Road
Derwent London plc has completed the disposals of Horseferry House SW1 and 80-85 Tottenham Court Road W1, receiving net proceeds of £160 million. The Horseferry House sale generated £131.8 million, reflecting a 6.0% net yield to the purchaser, while 80-85 Tottenham Court Road sold for £32.6 million. The company has also launched a sales campaign for 1 Page Street SW1, a property offering residential conversion potential. These transactions contribute to Derwent London's progress towards its £400 million sales target for the year, with £279 million agreed or completed since the start of 2026. Disclaimer*
About this update from Derwent London Plc
1 July 2026 Derwent London plc ("Derwent London" / "the Group") Completion of Horseferry House and 80-85 Tottenham Court Road disposals Derwent London is pleased to announce that the previously reported disposals of Horseferry House SW1 and 80-85 Tottenham Court Road W1 have now completed with net proceeds of £160m received. Ÿ Horseferry House: sold to an overseas investor for £131.8m (£129.3m net of rental top ups), a 6.0% net yield to the purchaser, and delivering an ungeared IRR of 8.4% over our 21-year ownership. Ÿ 80-85 Tottenham Court Road: sold to a private joint venture for £32.6m (before costs) with vacant possession of the offices, reflecting a capital value of £755 psf. In addition, the sales campaign for 1 Page Street SW1 has been launched. This follows Burberry's decision to vacate and the commencement of strip-out works. The building offers a significant residential conversion opportunity. Paul Williams, Chief Executive of Derwent London, said: "Since the start of 2026, we have agreed or completed sales totalling £279m, making good progress towards our £400m target for the year. Proceeds of £160m have now been received and 90 Whitfield Street W1 is on track for completion in August. We remain focused on redeploying receipts accretively and in line with our capital allocation framework." For further information, please contact: Derwent London Tel: +44 (0)20 3478 4217 Paul Williams, Chief Executive Damian Wisniewski, Chief Financial Officer Robert Duncan, Head of Investor Relations Brunswick Group Tel: +44 (0)20 7404 5959 Nina Coad Aoife Godfrey Notes to editors Derwent London plc Derwent London plc owns a commercial real estate portfolio predominantly in central London valued at £5.1 billion as at 31 December 2025, making it the largest London office-focused real estate investment trust (REIT). Our experienced team has a long track record of creating value throughout the property cycle by regenerating our buildings via redevelopment or refurbishment, effective asset management and capital recycling. We typically acquire central London properties off-market with low capital values and modest rents in improving locations, most of which are either in the West End or City Borders. We capitalise on the unique qualities of each of our properties - taking a fresh approach to the regeneration of every building with a focus on anticipating tenant requ...
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