27th Apr 2005 12:00
Derwent Valley Holdings PLC27 April 2005 Derwent Valley Holdings Plc £58.6 million of Central London disposals Derwent Valley Holdings Plc ("Derwent Valley"), the specialist Central Londonproperty investment and refurbishment group, has sold three properties for atotal consideration of £58.6 million. Clients of Insight Investment Management Limited have acquired Berkshire House,168-173 High Holborn, WC1 for £25 million and 28-29 Dover Street, Mayfair, W1for £11 million. Berkshire House, which is held on a lease expiring in 2137,comprises 4,870 m2 (52,400 sq ft) of multi-let offices and produces an income ofapproximately £1.2 million per annum. The building has undergone arefurbishment programme and three floors, totalling 1,425 m2 (15,300 sq ft), arevacant. Derwent Valley is responsible for the rent and out goings on this spacefor 18 months, an estimated maximum commitment of £1 million. This will bereduced by any income received from the space over the period. Dover Street is a multi-let freehold property with offices and ground floorretail space, comprising 1,400 m2 (15,000 sq ft). The building is fully let at£0.6 million per annum. In a separate transaction, contracts have been exchanged with a private investorfor the sale of 19-29 Woburn Place, Bloomsbury, WC1 for £22.6 million. This9,400 m2 (101,000 sq ft) freehold office building was acquired as part of theChelsfield portfolio last year. The tenant, whose rental commitment is £2million per annum, will be vacating shortly. John Burns, Managing Director of Derwent Valley, comments: "Derwent Valley's portfolio contains a substantial pipeline of refurbishment anddevelopment projects. Therefore, with stock difficult to source in a stronginvestment market, we are in a good position to make opportune disposals such asthese, where proceeds, before costs, were approximately 10% above year endvalues. At Berkshire House we received an approach which resulted in a saleearlier than anticipated, whilst at Woburn Place we crystallised an early profit". 27th April 2005 Enquiries: Derwent Valley Holdings Plc John Burns, Managing Director 020 7659 3000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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