Mixed-use block on Tottenham Court Road sold for £32.6m
A mixed-use block in Central London has changed hands in a deal worth £32.6m, reflecting a capital value of £755 per sq ft.
The property, located at 80-85 Tottenham Court Road, has been sold by developer Derwent London to a joint venture between private investors Purestone Capital and BPS London, in what is their first acquisition together for a new value-add platform.
The asset comprises 28,300 sq ft of offices across six floors plus four ground floor units, with a total floorspace of 43,000 sq ft. The current income is £1.7m per annum.
Derwent London said the sale is at a premium to the June 2025 book value and is scheduled to complete in June 2026.
Paul Williams, chief executive at Derwent London, said: “Investor demand for smaller value-add assets remains strong, which supports our disciplined approach to realising value. Proceeds will be recycled into other higher returning opportunities. These include our major on-site projects at Holden House W1 and Greencoat & Gordon House SW1, where we are confident in the strong rental growth outlook.”
JLL advised Derwent London. Hanover Green advised the purchasers.