Panton House has emerged from its makeover with new retail and restaurant space in its basement and ground floors as well as five upper floors of office accommodation. All space has been let with a mix of tenants including Pizza Express, Woolwich Building Society and Xstrata Services giving a lease profile that shows 30% of the income potentially expiring by 2006, 49% in 2012 and the balance by 2026.

At the same time Derwent has also paid £10.65 million ($17.7 million) to acquire a freehold office complex in Ladbroke Grove from Virgin Records. The development, known as Kensal House and Portobello Dock, comprises five buildings providing 49,339 sf of space.

Derwent managing director John Burns said: "The profitable sale of Panton House demonstrates the strong investor demand and the prices than can be achieved for quality investments in the West End. We continue to search for new properties where we see the potential for future value creation."