Central London office space giant Derwent has announced the sale of recently remodelled 28 Dorset Square to a private investor.
Derwent made a Stock Exchange announcement this morning that it had exchanged contracts on the four-storey office space situated in a prime London location next to Marylebone station.
The freehold interest on the prime office space is reported to have been sold to a private UK investor for £17m.
The building at 26-28 Dorset Square along with the building at 2-6 Boston Place totals over 23,500 square feet of commercial and office space.
The office space at 28 Dorset Square underwent a refurbishment in 2006, in which architect John McAslan + Partners remodelled a 1960’s addition to the Georgian town house.
The renovation included new stone clad facades and a new glazed link between the old and and new sections of the building.
Barcadi Global Brands has a 15-year lease on the office space, at a cost of £1.1m per year. This lease is due to expire in 2021 with rent subject to an upward only review in 2011 and at five-year intervals thereafter.
The £17m deal between Derwent and the private investor represents a 5% premium on the December 2008 valuation of the office space.