Derwent London sells £85m office block to fund eco-buildings in the capital
Derwent London has sold off a Westminster office building for £85m, as the developer looks to pump capital into its carbon neutral projects, as the capital braces for a heatwave.
The windfall from the sale has crystallised the company’s profits early, the company’s boss said today.
The south west wing of Bush House, some 103,700 sq ft of office space, has been sold to an unnamed buyer.
The sale suggests the building was not a solid long-term investment for the firm, after it noted at the beginning of the year that it would “look to sell some of those buildings where we believe returns will be more limited” and reinvest the cash from disposals.
Chief executive Paul Williams said: “As the flight to quality continues, we are focused on delivering our larger net zero carbon schemes at 25 Baker Street W1 and Network Building W1.”
The company at the beginning of the year added that it had been stocking its development pipeline with so-called “super sites”, which it described as “substantial regeneration schemes where we see potential to at least double the floor area.”