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Derwent bought the long-term leasehold interests related to numbers 25 to 27 and 29 to 33 along Berners Street in the Fitzrovia district of the West End. The fee of £35 million was paid to MCPS-PRS Alliance Limited, also known as PRS for Music.
The price tag equates to £440 per square foot of space, with the two addresses collectively accommodating 79,500 sq ft. The high price reflects that London’s West End is the most expensive place in Europe to rent high-quality office space.
PRS for Music, the former owner of the leasehold rights associated with the two Berners Street properties, was and will remain their primary occupier. The Copyright Collection Society and the Performance Rights Association have agreed to rent space at both buildings for at least three years for £1.4 million per annum.
Derwent London intends to refurbish the two properties “upon the tenants vacating” to create its “hallmark design-led, contemporary space”.
“These acquisitions represent excellent additions to our substantial Fitzrovia and North of Oxford Street estates, where our ownership extends to 1.6 million sq ft,” said John Burns, chief executive of Derwent London. “The properties offer regeneration and redevelopment opportunities in the longer term,” he said.
Derwent primarily redevelops existing office space in London’s central areas. One of its recent deals saw it agree to rent 47,700 sq ft of offices on Pentonville Road in North London to Ticketmaster UK.
Editor’s notes: The Berners Street redevelopment of the building known as The Copyright Building was completed in 2017 and earned the team awards, including BD Office Architect of the Year 2018
In February 2016, Derwent announced the pre-letting of the entire office space element of The Copyright Building, 30 Berners Street, to Capita Business Services Limited, trading as Capita.
In August 2024, Capita was still in occupation.
In 2022, Derwent posted revenues of GBP 248.8 million and secured commercial property lettings worth GDP 9.8 million on 163,000 square feet.
In 2023, Derwent secured lettings to the value of GBP 28.4 million across its portfolio.
In December 2024, it was announced that Derwent had acquired the remaining 50 per cent stake in its proposed 50 Baker Street scheme in Marylebone in the West End from Lazari Investments, its joint venture partner, for £44.4 million.
The property is adjacent to its 25 Baker Street scheme, which was officially announced in January 2025, as fully pre-let to five tenants.
In February 2025, Derwent reported strong leasing performance in 2024, with new leases signed 12 per cent above estimated rental value (ERV), and activity well distributed across its portfolio. It stated that rental values saw significant growth, increasing by 4.3 per cent, the highest since 2016, resulting in a total return of 3.2 per cent.
In August 2025, it was announced that Derwent London had successfully agreed a new 125-year headlease (from scheme completion) for its 50 Baker Street W1 development in the West End with the freeholder, The Portman Estate.
Derwent was granted planning consent in August 2024 for its best-in-class 236,000 square foot project in Marylebone.