Derwent has announced that it is to buy 1 Page Street in Victoria for £45 million and the Network Building in Tottenham Court Road in Fitzrovia for £31 million.
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The property on Page Street is ten stories high and has 118,000 square feet of office space, and the Network Building is seven stories and has 64,000 square feet of office space.
John Burns, CEO at Derwent London, commented: “These two exciting acquisitions are in line with Derwent London’s strategy to invest in central London property with significant potential for regeneration. Page Street represents an opportunity to purchase an immediate refurbishment project and deliver our distinctive brand of high-quality office space.
“The Network Building provides an excellent addition to our 1.5 million square feet Fitzrovia Estate with good initial income and asset management opportunities.”
In 2010, Derwent recorded a 16 per cent rise in the value of its portfolio, taking it up to £2.4 billion. This has been seen as a symptom of the UK economic rebound.
In the last three months, the UK economy has expanded by 0.2 per cent, according to the National Institute of Economic and Social Research (NIESR).
“Most of the effects of the adverse weather in December should have been unwound in the most recent data. (But) the underlying quarterly growth rate of the economy remains below its trend, and the output gap is likely to be widening,” NIESR said.
Manufacturing in the UK has grown significantly of late. In January, it grew at its fastest annual rate in the last 16 years. However, with manufacturing making up less than 13 per cent of Britain’s GDP, its success does not necessarily herald a growing economy.
Editor’s notes: In 2020, it was announced that Derwent planned to redevelop the Network Building at 95-100 Tottenham Court Road.
The works commenced in June 2022, with completion expected in 2025. The rebranded Network W1 would deliver 137,000 square feet of commercial space, comprising 132,000 square feet of office space and 5,000 square feet of retail space.
The scheme was targeting BREEAM ‘Outstanding’ and NABERS 4 Star standard.
The refurbishment of 1 Page Street was completed in mid-2013, and the office space is let to fashion house Burberry.
It was reported in March 2026 that Derwent had pre-let the entire office space in its Network W1 building to AI company Databricks on a 15-year lease, in one of London’s largest office deals of the first quarter.
Of the two retail units, one had been let to BOLIA and the other was under offer as of June 2026.
Network W1 at the corner of Tottenham Court Road and Howland Street in Fitzrovia.
Network W1 achieved a Platinum SmartScore certification, the global standard for smart buildings recognising exceptional user experiences, cost efficiency, high standards of sustainability and future-readiness.
As of June 2026, Derwent were awaiting other ratings. They advised of their revised targets of BREEAM ‘Outstanding’, LEED Gold, EPC ‘A’ and NABERS 4.5 Star.