Derwent makes £23m acquisition

Derwent London has snapped up 9 and 16 Prescot Street in Whitechapel for £23m. The buildings, which total 111,000 square feet, are let until 2015 to the Cooperative Bank and an Indian restaurant. Reporting its third quarter figures, the developer said it expects a four to five per cent growth in rental values over 2012, following rising rents and low vacancy levels. Since 1 July 2012 the group has let 77,500 sq ft at an annual rent of £3.1m.