1st Jul 2005 08:15
Derwent Valley Holdings PLC01 July 2005 DERWENT VALLEY HOLDINGS PLC Purchase of West End Office Building Derwent Valley Holdings plc ("Derwent Valley"), the specialist Central Londonproperty investment and refurbishment group, has, through a subsidiary company,exchanged contracts to acquire the freehold interest of Horseferry House,Horseferry Road, SW1 from the First Secretary of State for a consideration of£32.35 million excluding costs. The office building has a total area of approximately 13,940 m2 (150,000 sq ft)on basement, ground and seven upper floors and occupies a substantial islandsite in Victoria. The vendor has leased back the entire office space for two years at a rent of £2million per annum with a tenants rolling break option from 31st March, 2006. Theproperty includes two small retail units which are let for a short term atnominal rents. John Burns, Managing Director of Derwent Valley, comments: "Following the success of our phased refurbishment at nearby Greencoat andGordon House, Horseferry House brings another interesting building to theportfolio with considerable scope for redesign and improvement. While thetenant is in occupation, we will be considering refurbishment schemes to enablevalue to be maximised." 1st July, 2005 ENQUIRIES:Derwent Valley Holdings plcJohn Burns, Managing Director020 7659 3000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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