Derwent London Buys 7-year Headlease Interest In Bush House, SW Wing WC2 For £13.5 Mln

Derwent London Plc. (DLN.L) Monday announced the acquisition of the 7-year headlease interest in Bush House, South West Wing WC2 for 13.5 million pounds before costs.

The company already owns the freehold of this 103,700 sq ft office building facing the Strand. It is being acquired with vacant possession.

The company said the purchase price and the December 2020 valuation of the Group's freehold interest together equates to 51.8 million pounds or about 500 pounds per sq ft.

Derwent London noted that it has 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.

Paul Williams, Chief Executive of Derwent London, said, "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."

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