Derwent London, through its joint venture with The Portman Estate, is pleased to announce a pre-letting of 13,000 sq ft (1,210m2) at 33 George Street, Marylebone to Pandora Jewellery UK Ltd (“Pandora”), one of the largest jewellery brands worldwide. Pandora will occupy the self-contained offices on the ground and first floors in this mixed-use building on a 10-year lease at £740,000 per annum, with a rent review after 5 years and an 18 month rent-free period. On the office space the headline rent is £58 per sq ft.
John Burns, Chief Executive at Derwent London, commented: “We are pleased to have achieved a letting at 33 George Street prior to completion of the refurbishment. The rental level achieved demonstrates both the underlying strength of the West End market and the demand for our design-led product.”
Peter Andersen, UK Managing Director at Pandora, commented: “We are very excited about the move to our new stylish, self-contained offices. Derwent London’s approach and reputation towards design complements our own profile and aesthetic which we are keen to present with our new head office.”
Knight Frank and Montagu Evans represented Derwent London. Stephen Kane and Company are sole retained agents and acted on the acquisition for Pandora.