Derwent London snaps up Central Cross for £146m
LANDLORD and developer Derwent London said yesterday that it is stepping into the market for the first time in three years with the £146m purchase of a building in one of London’s busiest shopping streets.
The deal indicates that banks slowly are beginning to sell real-estate assets that are weighing on their books.
Derwent is buying the 251,000-square-feet retail and office property Central Cross at 18-30 Tottenham Court Road and 1-2 Stephen Street, which is situated on a 2.1-acre site. The building fronts onto Tottenham Court Road, which is known for its electrical stores and furniture shops.
The previous owner of Central Cross was a real-estate fund managed by property investment and development company Glebe Asset Management.
The building was acquired for £223.8m in April 2007 with plans for redevelopment.