Derwent London to sell two Soho properties to Travelex founder
Property developer Derwent London has inked a deal to sell two properties in Soho to Travelex founder Sir Lloyd Dorfman’s family property interests for £40.5m.
The sale includes the long leasehold interest on 2 and 4 Soho Place, part of Derwent’s Soho Place development scheme, which is due to be finished in 2022.
The deal will see Dorfman acquire 18,400 square feet of office space as well as a theatre, which is currently being leased by Nimax Theatres’ Nica Burns.
In total, the Soho Place project, which is situated above the Tottenham Court Road underground station, comprises 285,000 square feet of space across two buildings.
Dorfman said that he had “great faith” in the future of the London business property market, despite uncertainty caused by the coronavirus pandemic.
“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”, he said.
“The inclusion of the theatre, let to Nica Burns of Nimax, was an additional attractive feature”.
The rise of homeworking due to the pandemic has led to fears from some quarters that the long-term prospects for commercial property may have been permanently dented.
Last week West End landlord Great Portland Estates said it had collected only 74 per cent of rent due from its tenants over the last three months.
However, Derwent’s chief executive Paul Williams said that the deal showed the “continuing broad appeal” of the firm’s office product.
“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”, he added.