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Derwent London PLC on Friday said it has exchanged contracts on a central London property disposal worth £32.6 million. The London-based property developer is selling 80-85 Tottenham Court Road at a capital value of £755 per square foot, before costs. The freehold site includes 28,300 square feet of office space over six floors, and four street-level retail units, with current annual income at £1.7 million, Derwent said. It expects to close the deal in June. The site marks the first acquisition of a ‘newly formed value-add platform’, jointly run by private investor Purestone Capital LLP and property consultancy BPS London Ltd. The new platform will be led Rishi Khurana and Mahir Vachani, Derwent said. Chartered accountant Khurana last year became a manager partner of Purestone, which targets real estate in the UK and Iberian peninsula. He is also an advisor to lending platform LandlordInvest Ltd. Vachani joined BPS London as a director in 2014. Derwent Chief Executive Paul Williams commented on the sale: ‘Investor demand for smaller value-add assets remains strong, which supports our disciplined approach to realising value. Proceeds will be recycled into other higher returning opportunities. These include our major on-site projects at Holden House W1 and Greencoat & Gordon House SW1, where we are confident in the strong rental growth outlook.’ Williams last month said he plans to step down as CEO, but will remain in the role until his replacement is appointed. He took the helm in 2019. Derwent shares were up 0.5% to 1,914.00 pence on Friday morning in London. The company was confident at the time of its last financial update, saying in November that new open-market leases signed in 2025 were approximately 10% ahead of December 2024 estimated rental values. It backed the annual target range for rental value growth, from 3% to 6%. Derwent’s full-year results are scheduled for February 26. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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