Macfarlanes advises Derwent London on its sale of the Copyright Building
The building, which is currently under construction, will comprise 87,150 sq ft offices let to Capita Business Services Limited for £7.4m per annum and three retail units totalling 20,000 sq ft which are currently vacant. The estimated rental value of the three retail units is £960,000. There is a ground rent payable equivalent to 12.5 per cent of gross rents. Completion of the sale is expected in Q4 2017 after the building has been completed.
The Macfarlanes team was led by corporate real estate partner Steven Pitchford. He was assisted by corporate real estate senior solicitor Mark Simms and corporate real estate solicitors Paras Maalde, Rachael Ashton and Dominic Kerr. Mark Baldwin, a partner in the tax team was also involved in the transaction.