Derwent London has exchanged contracts to sell its long leasehold interest in 40 Chancery Lane WC2
Derwent London is pleased to announce it has exchanged contracts to sell its long leasehold interest in 40 Chancery Lane WC2 to Deka Immobilien for a headline price of £121.3m. The 103,700 sq ft office and retail building is let to Publicis Groupe until July 2035, with a tenant break in July 2033, at a net income of £5.5m per annum. The sale price represents a net yield to the purchaser of 4.25%. The disposal price net of rental top-ups and costs is 3.8% above June 2019 book value.
40 Chancery Lane, designed by Bennetts Associates, provides eight floors of high quality offices, a retail unit of 4,400 sq ft and a new public courtyard that brings additional daylight into the office floors. The development was completed in 2015.
Paul Williams, Chief Executive at Derwent London, commented:
"The disposal of 40 Chancery Lane typifies Derwent London’s strategy of recycling mature assets. The proceeds will be reinvested into our substantial development programme as well as providing more headroom for new acquisitions and future pipeline projects.”
30/12/2019 13:50 by Buildington
40 Chancery Lane by Bennetts Associates has been shortlisted for the RIBA London Regional Award 2017!
The winners of this year’s RIBA London Regional Awards will be announced at an awards ceremony at the RIBA, 66 Portland Place, on Monday 22 May.
Visit www.architecture.com/riba to find out more about the awards.
05/04/2017 21:17 by Buildington
40 Chancery Lane WC2 (102,000 sq ft) - completed in early July 2015.
14/08/2015 23:44 by Buildington
40 Chancery Lane is 96% pre-let.
Source: First Quarter Business Update by Derwent London 7. May 2015 www.derwentlondon.com
07/05/2015 19:47 by Buildington
05/10/2013 23:57 by Buildington