Derwent London, the product of the February merger of Derwent Valley Holdings and London Merchant Securities, today announced the disposal of a residential site in Swiss Cottage, north London, to Galliard Homes for £18.25m.
The site at 2/20 Winchester Road and 157a Fellows Road has the benefit of planning permission for a 76-unit residential scheme.
The deal is the first sale of a non core property from the London Merchant. The price reflects a £10m premium over the 31 January 2007 valuation.
Derwent London chief executive John Burns said: ‘At the time of our merger, we stated that we would be disposing of the non-core assets held within Derwent’s enlarged portfolio.
‘We will recycle the proceeds into our core activity of acquiring and refurbishing offices in central London’s principal commercial villages, where we continue to see significant opportunities.’
Derwent London also announced it had signed four lettings to Syzygy UK, TM Lewin, Just Giving and Hargreaves Associates, totalling 29,929 sq ft (2,780 sq m) in Hatton Garden, Midtown. As a result the Johnson Building, the 150,000 sq ft (13,900 sq m) office building in Hatton Garden, and the 32,860 sq ft (3,053 sq m) office building at St Cross Street Courtyard are now both fully let.