Derwent London completes sale of Tottenham Court Road property

Derwent London has completed the sale of its freehold interest in 120-134 Tottenham Court Road in London to a private investor for £69.74m.

The property comprises a 330-room hotel and 26,400 sq ft of retail and restaurant floor space. The hotel is let to Radisson Blu Edwardian Grafton on a long lease, with a 147-year unexpired term and the retail is let to 11 tenants on various lease terms.

The building generates a total net annual rent of £2.33m.

Chief executive John Burns said: "We are pleased to have completed this disposal at a price above both our December 2015 and June 2016 valuations. This sale takes total disposals for the year to £210m. With 98% of the sales exchanged or completed in the second half, these demonstrate the good continuing interest in central London."

At 1420 GMT, the shares were down 0.9% to 2,696p.