Derwent London has exchanged contracts to sell its 63,170 sq ft freehold interest in 19 Charterhouse Street EC1 for £54.0m before costs.

The buyer is a family office advised by Morgan Capital and BNF Capital Limited.

The building was acquired by Derwent London in November 2013 for £41.3m after costs.

It is occupied by the London College of Accountancy on a lease expiring in August 2025 with the passing rent is £2.6m pa.

Paul Williams, Chief Executive of Derwent London, commented: “This sale forms part of our ongoing strategy of reducing our exposure to smaller buildings with less repositioning potential. As the flight to quality continues and occupiers become increasingly selective, proceeds will be recycled into our exciting development pipeline where we are currently on site with 435,000 sq ft of net zero carbon projects which we expect will deliver attractive returns.”

Photo: Entrance to 19 Charterhouse Street building 13.11.2020