(Alliance News) - Derwent London PLC on Monday unveiled its buy of an outstanding seven-year headlease interest in the south west wing of Bush House in the West End of London for GBP13.5 million.
The central London-focused property developer and landlord already had the freehold at Bush House but has now acquired it with vacant possession and plans to refurbish the structure.
The office building is 103,700 square feet and faces the Strand.
Derwent's freehold interest now totals GBP51.8 million, or GBP500 per square foot.
"This acquisition accelerates our refurbishment ambitions for this exciting site as well as creating immediate marriage value for the group," said Chief Executive Paul Williams.
"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."
Architects Stiff & Trevillion have been employed on refurbishment. It is hoped development could increase the lettable area to 130,000 square feet.
Shares in Derwent were up 0.7% at 3,662.00 pence in London on Monday morning.
By Josie O'Brien; josieobrien@alliancenews.com
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Derwent London (DLN)