Derwent London has entered an agreement to sell the freehold interest in 132-142 Hampstead Road NW1 for £130m before costs. The purchaser was the Secretary of State for Transport. The property provides 219,700 sq ft and is let to University College London for £1.7m pa. The property was acquired in 2007, and planning for the development of 233,000 sq ft of offices and 38 residential units was achieved in 2010. The offices were designed as Derwent London's first White Collar Factory development, the same concept that is now being successfully delivered at Old Street Yard EC1, and had attracted considerable pre-letting interest. However, these plans were unable to be carried forward due to the decision to build HS2 announced in 2012. The December 2016 book value, which did not reflect the full benefit of the very valuable planning consent, was £115m.
John Burns, Chief Executive Officer of Derwent London, commented:
'We are pleased to have concluded the sale of this well located property to HS2. The transaction will provide greater certainty both for Derwent London and for the future of the site.'
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Derwent London plc published this content on 28 February 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 28 February 2017 07:24:23 UTC.
Original documenthttps://www.derwentlondon.com/news/article/derwent-london-sells-132-142-hampstead-road-nw1
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Derwent London Plc is a United Kingdom-based real estate investment trust (REIT). The Company is an office specialist property regenerator and investor. The Company owns and manages an investment portfolio of 5.5 million square feet, of which 99% is located in central London, with a specific focus on the West End and the areas bordering the City of London, with the latter principally in the Tech Belt. Its properties are located in London (West End central, West End borders/other and City borders), with the remainder in Scotland (Provincial). Its portfolio includes 80 Charlotte Street, The Featherstone Building, Soho Place, Brunel Building, 25 Baker Street, White Collar Factory, Network, Tea Building, The White Chapel Building, Greencoat and Gordon House, Middlesex House, 25 Savile Row, Rathbone Studios, Turnmill, Morelands, Angel Building, Horseferry House and others. Its subsidiaries include Asta Commercial Limited, BBR (Commercial) Limited, Caledonian Properties Limited and others.
DERWENT LONDON PLC 
