195,000 sq ft of lettings during June and July
29 Aug 2008
Derwent London has secured further lettings at Qube, its new office and retail development at 90 Whitfield Street, London W1, to Geronimo Communications, part of the Tribal Group plc and Space NK Ltd, and has pre-let 15,900 sq ft of office space at Gordon House, Francis Street, London, SW1 to The Benefit Express Ltd.
Tribal, a leading provider of consultancy services to the public sector, has taken 12,150 sq ft, on the third floor of the building. The tenant has taken the space on a 10 year lease at a rent of £58.00 per sq ft, equating to £705,000 per annum, rising to a minimum of £60.00 per sq ft on first review. The tenant has an option to break at year five and has been granted a six month rent free period.
In addition, Space NK, a leading contemporary beauty product store, has taken 1,270 sq ft in a ground floor retail unit fronting Tottenham Court Road. The tenant has taken a new 10 year lease at a base rent of £50,000 per annum plus an additional turnover rent with a personal option to break at year five.
With lettings also secured to advertising company, Aegis Media, and sushi restaurant chain, itsu, earlier in the year, approximately a third of Qube is now let. In the latest of a series of pre-lets for the Company, The Benefit Express, an HR solutions firm, has taken 15,900 sq ft of office accommodation at Gordon House, SW1, part of the 127,300 sq ft multi-let Greencoat and Gordon House office complex. The space comprises the fully refurbished third and fourth floors and the newly constructed fifth floor penthouse suite. The lease is for a 10 year term, at a rent of £860,000 per annum, with a tenant’s option to break at year five and a 14 month rent free period.
John Burns, Chief Executive of Derwent London, comments: "It is encouraging that we have been able to secure these lettings in difficult market conditions. We are pleased to have achieved another pre-let, following the substantial pre-let of over half of our Angel scheme last month. These transactions endorse Derwent London's ability to continue to attract occupiers and bring value to its portfolio through successfully applying its unique design-led strategy and mid-market positioning.“
Derwent London was advised by Jones Lang LaSalle, Edward Charles on Qube offices, by CBRE and CWM on Qube retail and by King Sturge and Pilcher Hershman on Gordon House.