Derwent London has sold the long leasehold interest in 75 Wells Street W1 for £40.9m before costs, in line with December 2015 and June 2016 valuations. The purchaser was a private investor.
The property provides 34,800 sq ft of office and retail accommodation. The multi-let building produces a net annual rent of £1.28m with a further 6,460 sq ft of vacant offices across three part floors.
John Burns, Chief Executive Officer of Derwent London, commented:
“This disposal, which has been negotiated since 23 June 2016, demonstrates the ongoing interest in central London property and our continued ability to recycle capital.”