Refurbishment of offices in Victoria and Tottenham Court Road will be complete by mid-2012

Derwent has spent £76m on two office buildings in the West End which it plans to refurbish.

The property developer has purchased 1 Page Street in Victoria for £45m and the Network Building in Tottenham Court Road for £31m.

The refurbishment of the ten-storey, 118,000ft² 1 Page Street building will be completed by mid-2012, according to Derwent, while the 15,200ft² of vacant space in the Network Building will be ready by the end of 2011.

Chief executive officer John Burns said that the purchase of the Network Building gave Derwent the potential to redevelop the site. He said: ” Acquiring the headlease gives us direct control of the property and the possibility of an exciting scheme in the future.”

Derwent revealed its results this morning. EPRA profit-before-tax fell 10% to £55.3m for the year ended Decemeber 31 2010, while net asset value per share increased by 27% to 1,474p.