Slaughter and May is advising Derwent London on the sale of its long leasehold interest in 2 & 4 Soho Place W1 to Sir Lloyd Dorfman’s family’s property interests for £40.5m. The property is part of Derwent London’s Soho Place development, which is due to complete in the first half of 2022.
Soho Place is a prominent AHMM-designed scheme located over the Tottenham Court Road Elizabeth line and Underground station that will total 285,000 sq. ft.. It also includes 1 Soho Place, which provides 192,000 sq. ft. of offices and 36,000 sq. ft. of retail space and is 81% pre-let. The development occupies a gateway position at the junction of Oxford Street and Charing Cross Road. It will form a significant part of the major upgrade of the area at the eastern end of Oxford Street which is re-establishing itself as one of central London’s key locations. We have advised Derwent London throughout the development process.
Paul Williams, Chief Executive of Derwent London:
“The disposal means that we have either pre-let or pre-sold virtually all the office space at Soho Place over eighteen months ahead of completion. Our success demonstrates the continuing broad appeal of our office product with its generous volume and a commitment to net zero carbon. The two buildings’ adaptability and resilience, together with the quality of the occupiers, will ensure that this will be a thriving office hub woven into the local theatre and retail mix for many years to come.”