2nd Aug 2006 08:00
Derwent Valley Holdings PLC02 August 2006 2 August 2006 Derwent Valley Holdings plc ("Derwent Valley" or "the Group") DERWENT VALLEY COMPLETES PROPERTY SWAP WITH THE CROWN ESTATE Derwent Valley has completed a property swap with The Crown EstateCommissioners. Through this transaction, Derwent Valley has purchased thefreehold interests in Riverwalk House, 157-166 Millbank SW1 for £13 million andin Argosy House, 215-217 Great Portland Street W1 for £1.65 million and sold itsleasehold interest in Morley House, 314-322 Regent Street W1 for £17.5 million.Derwent Valley received a balancing payment of £2.85 million. • Derwent Valley held the headlease on Riverwalk House, which had 57years remaining, at a rent of £521,500 per annum. The property comprises6,941sq m (74,710 sq ft) of offices with 35 surface car parking spaces and islocated in a highly prominent position at the junction of Millbank and VauxhallBridge Road on a site area of approx 0.7 acres fronting the River Thames. Thebuilding is occupied by The Government Office for London on a lease expiring on4 April 2011 at a rent of £2.3 million per annum. • Derwent Valley held the headlease on Argosy House, which had 55years remaining, at a head rent of £40,250 per annum. The building comprises2,853 sq m (30,709 sq ft) of offices and 19 basement car parking spaces and islet in its entirety to Grey Advertising Limited ("Grey") on a lease expiring on24 December 2006 at a rent of £841,250 per annum. Grey has recently enteredinto a lease on 4,682 sq m (50,400 sq ft) at Derwent Valley's Johnson Building,Hatton Garden EC1. • Morley House totals 3,785 sq m (40,747 sq ft) of offices and retailpremises on Regent Street. Derwent Valley held the leasehold interest, with 71years remaining, at a head rent of £115,000 per annum. The building ismulti-let and currently produces a rent of £1.14 million per annum. John Burns, Derwent Valley's Managing Director commented: "This is an innovative, off market deal which will benefit both Derwent Valleyand The Crown Estate. We have been able to enhance our interest in twoleasehold properties, which have considerable refurbishment or redevelopmentpotential. Whilst the immediate effect is the release of the marriage values,the transaction has facilitated the unlocking of this future potential. Throughthe transaction, The Crown Estate has brought under its direct control MorleyHouse, which is located in its core Regent Street area." For further information, please contact: Derwent Valley Holdings plcJohn BurnsTel: 020 7659 3000 Financial DynamicsStephanie Highett/Dido LaurimoreTel: 020 7831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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