250 Euston Road
10/08/2021 by Buildington
Derwent London has acquired 250 Euston Road building which totals 165,900 sq ft and sits on a 1.6 acre site.

The freehold office building is let in its entirety to University College London Hospital UCLH on a lease expiring in 2039.

The passing rent is £4.7m or just £28 per sq ft, which is subject to 2.5% fixed annual increases compounded every five years. The next uplift is due in April 2024 when there is also a tenant break with breaks every 5 years thereafter.

Derwent London saw an opportunity to create a larger scheme on this potential Life Science site. The total consideration is £189.9m inclusive of costs, and the initial yield is 2.5% reflecting the low passing rent.

Paul Williams, Chief Executive of Derwent London, said:
“These are exciting acquisitions in a strong market. We are further investing in central London’s Knowledge Quarter with potential Life Science opportunities and extending our development pipeline.”
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