Sir Lloyd Dorfman said he has “faith” in the future of the central London office market, after inking a £40.5 million property deal by the new Tottenham Court Road Crossrail station.
Property developer Derwent London has agreed to sell offices and a theatre to Sir Lloyd Dorfman’s family’s property interests. The sale includes the long leasehold interest of 2 and 4 Soho Place.
The purchase comprises 18,400 square feet of office space and a theatre, which is pre-let to producer Nica Burns of Nimax Theatres.
The whole Soho Place scheme, due to complete in the first half of 2022, is a redevelopment of the historic Astoria music venue. It includes 285,000 square feet in two buildings, with offices and shops.
Travelex founder Sir Lloyd Dorfman said: “We were attracted to this particular space because of the superb location next to a strategic Crossrail station, the quality of the buildings and our firm belief in the regeneration of this area which has an exciting future.”
He added: “The inclusion of the theatre, let to Nica Burns of Nimax, was an additional attractive feature. Despite these challenging times, I have great faith in the future of the office market of Central London.”
The acquisition comes despite some industry concerns about whether companies will still want new and existing offices in the future, due to how well many employees appear to have adapted to working from home during the Covid-19 lockdown.
Paul Williams, chief executive of Derwent London, said: “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.”
Property agents James Andrew International and Pilcher Hershman advised on the deal.