Derwent London has announced the sale of old Wedge House, 40 Blackfriars Road SE1, a 38,700 sq ft vacant freehold office building, for £33.5m before costs to Ennismore. Derwent, in collaboration with Ennismore, obtained planning permission this summer for a 110,000 sq ft hotel and office scheme at the site. Ennismore will now undertake the development and operate The Hoxton, Southwark – the 68,200 sq ft hotel that will comprise 192 rooms, a restaurant, conference space and a rooftop bar. In addition there will be 41,800 sq ft of offices. Derwent has been retained as development manager during the construction of the project and will receive fees of £1.5m for the role. Construction of the 15-storey scheme is due to commence early next year.
Derwent London sells Wedge House for £33.5m : DLN