Derwent London, Gresse Street pre-let, Correction
October 14 2009 - 6:24AM
UK Regulatory
TIDMDLN
RNS Number : 7556A
Derwent London PLC
14 October 2009
14 October 2009
Derwent London plc ("Derwent London" / "Company")
Derwent London secures Gresse Street pre-let
Correction
Further to the announcement released today at 9am, RNS Number: 7208A, a
correction has made to the third sentence of the third paragraph which
originally read: "The tenant has an option to break in December 2013."
This now reads as follows: "The tenant has an option to break in December 2014."
The remainder of the RNS statement remains unchanged. The entirety of the
revised statement for sake of clarity is as follows:
14 October 2009
Derwent London plc ("Derwent London" / "Company")
Derwent London secures Gresse Street pre-let
Derwent London has secured a 13,093 sq ft (1,216 sq m) pre-let at the Charlotte
Building, 17 Gresse Street, London, W1 to Unanimis Consulting Limited
("Unanimis"), one of London's largest digital advertising networks.
Unanimis will take the top two floors of the seven-storey, 47,000 sq ft (4,400
sq m) Charlotte Building on a 10-year lease at GBP578,451 per annum.
The rent on the sixth floor is GBP45 per sq ft (GBP484 per sq m) and GBP43.50
per sq ft (GBP468 per sq m) on the fifth floor. These levels are in line with
the June valuation. The tenant has an option to break in December 2014. An
initial rent free period equivalent to 12 months rent was granted with an
additional 10 months if the break is not exercised.
The letting is in advance of the property's launch at the end of the month and
the remaining five floors of this new contemporary building, set around a
landscaped courtyard, are attracting letting interest.
The Charlotte Building together with properties in nearby Fitzrovia, are in a
strategically important area of the West End for Derwent London, where its
holdings total over one million sq ft.. Future plans include the refurbishment
and redevelopment of existing buildings and investment in local services to
regenerate this improving London village.
John Burns, Chief Executive, Derwent London, said:
"We are pleased to have achieved a pre-let in the Charlotte Building to
Unanimis, part of Orange France Telecom. They are existing tenants of the group
occupying 7,400 sq ft (690 sq m) in a nearby property, whose lease was due to
expire at the end of the year. We are delighted that they have decided the
Charlotte Building meets their expansion requirements. This is also a further
step in Derwent London's programme to rejuvenate its buildings to create
desirable spaces in which to live and work."
For further information please contact:
John Burns, Chief Executive, Derwent London: Tel 020 7659 3000
Kate Holgate, James Rossiter, Brunswick Group: Tel 020 7404 5959
Notes to editors:
Derwent London plc
Derwent London plc is the largest central London focussed REIT with an
investment portfolio of GBP1.8 billion as at 30 June 2009. The group is one of
London's most innovative office specialist property regenerators and investors
and is well known for its established design-led philosophy and creative
management approach to development. In April, Derwent London was awarded the
Property Week Property Company of the Year 2009.
Derwent London's core strategy is to acquire and own a portfolio of central
London property that has reversionary rents and significant opportunities to
enhance and extract value through refurbishment and redevelopment. The group
owns and manages an investment portfolio, of which 93% is located in central
London, with a specific focus on the West End and the areas bordering the City
of London. Landmark schemes by Derwent London include: Qube W1, Horseferry House
SW1, Johnson Building EC1, Davidson Building WC2 and Tea Building E1.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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