Derwent London has announced that it has sold its long leasehold interest in 75 Wells Street, London W1, for £40.9m before costs. The purchaser was a private investor and the company says that the sale price was in line with December 2015 and June 2016 valuations. According to Derwent London, 75 Wells Street (pictured) is a multi-let building, which provides 34,800 square foot of office and retail accommodation, and produces a net annual rent of £1.28m. The company says that there is a further 6,460 square foot of vacant offices across three part floors. John Burns, Derwent London’s CEO, says that this disposal has been negotiated since 23 June 2016.
Derwent London sells leasehold interest in 75 Wells Street, W1, for £40.9m :DLN