Derwent London has completed the sale of the freehold interest in 120-134 Tottenham Court Road W1 to a private investor for £69.74m before costs.
The property comprises a 330-room hotel and 26,400 sq ft of retail and restaurant floorspace. The hotel is let to Radisson Blu Edwardian Grafton on a long lease with a 147-year unexpired term and the retail is multi-let to 11 tenants on various lease terms.
The building produces a total net annual rent of £2.33m.
John Burns, Chief Executive Officer of Derwent London, commented:
“We are pleased to have completed this disposal at a price above both our December 2015 and June 2016 valuations. This sale takes total disposals for the year to £210m. With 98% of the sales exchanged or completed in H2, these demonstrate the good continuing interest in central London.”
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