Derwent set sail from Portobello Dock

Derwent London have sold the freehold of their Portobello Dock campus, Ladbroke Grove, W10 to Brockton Capital. The 1.8 acre site houses five office buildings including the headquarters of smoothie maker, Innocent Drinks.

Hanover Green acted for Derwent London on the sale.

The property sold for in excess of the asking price which was £30m, reflecting a 4.24% net initial yield.

The five buildings total 52,600 sq ft and generate a rent of £1.34 million pa. They have a weighted unexpired lease term of 3.9 years.

Coca-Cola-backed Innocent, which occupies the Stiff + Trevillion-designed Canal Building at the centre of the campus, accounts for 60% of the rent roll.