Derwent London has acquired the outstanding 7-year head lease interest in Bush House, South West Wing WC2 for €15.8m (£13.5m) before costs. The group already owns the freehold of this 103,700ft² office building facing the Strand. It is being acquired with vacant possession. Combining this purchase and the December 2020 valuation of the group’s freehold interest equates to €60.5m (£51.8m) or c.£500 per ft². Derwent has also appointed architects Stiff & Trevillion on the refurbishment and extension of the existing building which, subject to planning, could increase the lettable area to c.130,000ft² with a possible start in 2022.
Paul Williams, Chief Executive of Derwent London, said: “This acquisition accelerates our refurbishment ambitions for this exciting site as well as creating immediate marriage value for the Group. We intend to restore our part of this London landmark to the prominence it deserves, ensuring the most modern, adaptable and sustainable design-led offices.”