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Derwent sells Central London property for £70M

Derwent London Plc concluded the sale of its freehold interest in 120-134 Tottenham Court Road in London, U.K., for a price tag of £69.7 million, before costs.

The property, sold to a private investor, comprises a 330-room hotel and 26,400 square feet of retail and restaurant space. The hotel is let on a long lease to Radisson Blu Edwardian Grafton with a 147-year unexpired term and the retail space is multi-let to 11 tenants on various lease terms.

The building generates a total net annual rent of £2.3 million.

Derwent CEO John Burns said the sale was carried out at a price above the company's December 2015 and June 2016 valuations, and takes Derwent's total sales for the year to £210 million, with the majority having been exchanged or completed between July and December.

Earlier in September, Derwent sold its long leasehold interest in 75 Wells Street, also located in London, for £40.9 million, before costs.