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Derwent Dealing Pays Dividends in London Deals

LONDON-Derwent Valley Holdings has sold Panton House in the West End for pounds 17.5 million ($29.1 million) while acquiring a new property in Ladbroke Grove for pounds 10.65 million ($17.7 million).

By John Ryan | Updated on December 17, 2003

LONDON-A 28,626-sf central London office block totally reconfigured and refurbished by Derwent Valley Holdings has been sold to Canada Life for £17.5 million ($29.1 million), 28% more than its valuation in June this year.

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.

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