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Property investment company Derwent London has revealed details of its latest office space acquisition in central London.
A deal worth a total of £146 million before costs has seen the investment firm take control of 216,000 sq ft of office space, 24,000 sq ft of retail space and 11,000 sq ft currently being used as a cinema.
Contracts have been exchanged on the site which covers an area of 2.1 acres along Tottenham Court Road and Stephen Street on the western side of central London.
Global operators FremantleMedia and Ascent Media are among the businesses currently occupying the high-value London office space, which is expected to deliver around £8 million in rental yields on an annual basis.
The deal takes Derwent London’s overall real estate holdings in the W1 area of the capital to almost 1.5 million square feet and the company has noted the refurbishment and improvement potential its latest acquisition will offer going forward.
“We are delighted to have acquired Central Cross which is an excellent addition to our central London portfolio,” said the company’s chief executive John Burns.
“This acquisition provides strong income at economic rental levels, together with opportunities for active management, future refurbishment and improvement of the office space which Derwent specialises in.”
Mr Burns went on to suggest that the planned Crossrail developments across England’s south east should help boost footfall at its Tottenham Court retail units.
Crossrail is a multi-billion pound investment that will see rail links connecting London’s West End with the City of London, Canary Wharf and Heathrow Airport.
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