7th Dec 2015 07:38
LONDON (Alliance News) - Property developer Derwent London PLC on Monday said it has agreed to sell Wedge House on Blackfriars Road in south London for GBP33.5 million to Ennismore, the UK-based real estate developer.
FTSE 250-listed Derwent secured planning permission, in a joint venture with Ennismore, over the summer for a 110,000 square foot hotel and office scheme at the site, which will be now be undertaken by Ennismore.
Derwent will be retained as development manager on the project and will get fees of GBP1.5 million for taking on the role.
"Obtaining planning permission and the subsequent sale has allowed us to release value early. The proceeds will be used for our ongoing development pipeline," said Derwent Director Nigel George.
By Sam Unsted; [email protected]; @SamUAtAlliance
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