Derwent London has exchanged contracts to sell the long leasehold interest of 2 & 4 Soho Place to Sir Lloyd Dorfman’s family’s property interests for £40.5m before costs.
2 & 4 Soho Place is part of the Soho Place development set to complete in 2022.
The 150-year leasehold interest includes the 18,400 sq ft of office space on the 6th to 8th floors above the theatre, which is pre-let on a 125-year lease to impresario Nica Burns of Nimax Theatres.
Sir Lloyd Dorfman is the founder of Travelex Group, the world’s largest retailer of foreign exchange, which he sold in 2015. is the Chairman and co-founder (2014) of Doddle, the retail click and collect IT platform. He is a shareholder of The Office Group, the leading flexible office company. He is also a Shareholder and Board Director of the London Theatre Company. He sits on the Business Advisory Board of the Mayor of London, Sadiq Khan.
Paul Williams, Chief Executive of Derwent London, commented: “The disposal means that we have either pre-let or pre-sold virtually all the office space at Soho Place over eighteen months ahead of completion. Our success demonstrates the continuing broad appeal of our office product with its generous volume and a commitment to net-zero carbon. The two buildings’ adaptability and resilience, together with the quality of the occupiers, will ensure that this will be a thriving office hub woven into the local theatre and retail mix for many years to come.”
Sir Lloyd Dorfman added: “We were attracted to this particular space because of the superb location next to a strategic Crossrail station, the quality of the buildings and our firm belief in the regeneration of this area which has an exciting future. The inclusion of the theatre, let to Nica Burns of Nimax, was an additional attractive feature. Despite these challenging times, I have great faith in the future of the office market of Central London.”
Pilcher Hershman acted for Derwent London. James Andrew International acted for Sir Lloyd Dorfman.