Derwent Valley Central Limited, a subsidiary of Derwent Valley Holdings plc, the specialist Central London property investment and development group, has exchanged contracts to acquire The Astoria Theatre, 157-165 Charing Cross Road and 17 Oxford Street, London W1, from a joint venture of Compco Holdings plc for a total consideration of €32.50 mln (£23.75 mln), plus costs.
The Astoria is a well-known entertainment venue and is let to a subsidiary of Clear Channel Entertainment UK Holdings Limited at a current rent of €1,501,573.41 (£1,097,500) per annum on a lease that expires in December 2008. The property affords a gross internal area of 42,350 sq ft (3,930 m²) and includes two retail shops.
17 Oxford Street comprises 3,270 sq ft (304 m²) of retail space. The property is let for a term of 25 years from June 1997, at a passing rent of €241,830 (£176,750) per annum.
Both properties adjoin the group's existing holding at 135-145 Charing Cross Road, and form part of a comprehensive site running from Oxford Street to Goslett Yard which is a key part of the West End Special Policy Retail Area recently announced by the London Mayor.
John Burns, Managing Director at Derwent Valley, commented:
"The Astoria is a valuable addition and a strategic acquisition, which adjoins our existing holdings in the area and will form a potential development site for the future. We are committed to the regeneration of key areas in London and are looking forward to the opportunities afforded by such a prominent location."
Source: Derwent Valley