LONDON (dpa-AFX) - Derwent London plc (DLN.L), a London-focused Real Estate Investment Trust or REIT, Thursday announced that it has exchanged contracts to acquire the freehold interest in Blue Star House, 234-244 Stockwell Road, Brixton SW9 for 38.1 million pounds before costs.
The property, which sits on a 0.7 acre site that includes a surface car park, is located immediately opposite the Brixton O2 Academy.
The 53,750 sq ft eleven-storey building comprises multi-let office space, including two vacant floors, with restaurant and leisure accommodation at ground/podium level.
The company noted that the rent on acquisition is 0.8 million pounds, equating to a low average rent of 14.50 pounds per sq ft on the occupied office space. The acquisition price equates to a capital value of 710 pounds per sq ft.
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