Continuing positive occupier and rental momentum in the Tech Belt
19 Oct 2015
Derwent London recently announced a further £5.2m of lettings secured on 93,600 sq ft in the last two months, of which £4.1m on 78,500 sq ft have been in the Tech Belt. On average the Tech Belt lettings have been secured at rental levels 21.5% above June 2015 ERV.
In particular the Group is pleased to announce that BGL, a leading UK financial services group headquartered in Peterborough, has pre-let 14,300 sq ft, taking the sixth floor of White Collar Factory, Old Street Yard EC1. It will be a complementary digital hub for the BGL Group and its brands, which include comparethemarket.com. BGL is taking a 10-year lease with rental incentives equivalent to an 18 month rent free period.
White Collar Factory is a 293,000 sq ft mixed-use development overlooking Old Street roundabout, in the heart of London’s Tech Belt. The 237,000 sq ft 16-storey White Collar Factory tower incorporates a number of original ‘long life: loose fit’ architectural features to provide the most suitable space for modern office occupiers. The development is now almost 30% pre-let with completion due in Q3 2016.
John Burns, Chief Executive Officer of Derwent London, commented:
“We are delighted to welcome BGL to our portfolio. These lettings demonstrate the strong positive occupier and rental momentum in the Tech Belt, and for our landmark development at White Collar Factory”.
Matthew Donaldson, Chief Executive of BGL, commented:
“We’re delighted to be establishing our presence in London with these first class, modern offices which complement our Peterborough HQ and our progressive, digital business.”
Derwent London was represented by Cushman & Wakefield and Pilcher Hershman, and Deloitte acted for BGL.