Derwent London sells 75 Wells Street for £41m

Derwent London has sold its long leasehold interest in 75 Wells Street, London W1, to a private investor for £40.9m before costs.

The company said the sale price was in line with December 2015 and June 2016 valuations.

Chief executive officer John Burns 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."

The property provides 34,800 sq ft of office and retail accommodation. The multi-let building produces a net annual rent of £1.28m with a further 6,460 sq ft of vacant offices across three part floors.