Derwent London has sold the long leasehold interest in 75 Wells Street W1 for £40.9m before costs, in line with December 2015 and June 2016 valuations. The purchaser was a private investor. 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. Chief executive 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."
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