Shaftesbury acquires London property from Derwent

24th Mar 2014 07:53

Developer Shaftesbury has acquired a property in London's West End from sector and FTSE 250 peer Derwent London, the groups announced Monday. The 24,900 square foot commercial and residential Jaeger House property, which changed hands for £30.75m, is in Broadwick Street in the Carnaby area of London. Shaftesbury Chief Executive Brian Bickell said: "Jaeger House is a valuable addition to our substantial holdings in Carnaby and Soho, which now have a combined book value in excess of £860m. "Broadwick Street is a few minutes from the Dean Street entrance to the new Tottenham Court Road Crossrail hub. Our long-term strategy for the building will reflect the growing popularity and importance of this location for businesses, visitors and residents."Commercial tenancies, which expire in June 2015, produce rental income of £0.9m a year.The upper floors of the property comprise 37 homes held on a long lease expiring 2156 at a nominal rent. Derwent London Chief Executive John Burns added: "The disposal is in line with our strategy of making opportunistic sales into a competitive investment market. "In realising a value significantly in excess of the December 2013 valuation we will take the opportunity to recycle capital into our extensive development programme, where we are currently on site with a total of 586,000 square foot."NR