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Derwent disposes of £41m Fitzrovia property

Developers Derwent London have sold the long leasehold on a refurbished office and retail development in the heart of Fitzrovia.

The property at 75 Wells Street, which encompasses 34,800 sq ft of office and retail space, has been purchased for £41m by an undisclosed private investor, a value which the property developer says is in line with December 2015 and June 2016 valuations.

Drawing £1.28m net annual rent, the six-storey building is currently multi-let and has a further 6,400 sq ft of office space available across three of its floors.

Commenting on the sale, John Burns, Chief Executive Officer of Derwent London, said: “This disposal, which has been negotiated since 23 June 2016, demonstrates the ongoing interest in central London property and our continued ability to recycle capital.”

Derwent London is one of the capital’s largest real estate investment trusts with a focus on central London property investments.