DERWENT LONDON PRE-LETS TO BURBERRY (9774X)
February 23 2012 - 5:24AM
UK Regulatory
TIDMDLN
RNS Number : 9774X
Derwent London PLC
23 February 2012
23 February 2012
Derwent London plc ("Derwent London" / "the Group")
Derwent London SECURES MAJOR PRE-LET TO BURBERRY IN VICTORIA
Derwent London is pleased to announce that it has pre-let the
entire proposed 127,000 sq ft (11,800m(2) ) 1 Page Street, London
SW1 to Burberry, the global luxury company.
The tenant will pay a rent of GBP5.3 million per annum at this
11-floor building, comprised of GBP50 per sq ft (GBP540 per m(2) )
on the top three floors and GBP45 per sq ft (GBP485 per m(2) ) on a
typical mid-level floor. The lease is for a 20-year term with a
tenant-only break option in year ten, rent reviews every five years
and a rent-free period equivalent to 22 months. The first rent
review will be subject to a minimum uplift to GBP5.7 million per
annum.
Derwent London acquired 1 Page Street, a building of 118,000 sq
ft (10,960m(2) ), in March 2011. In consultation with Burberry, the
Group has modified its original refurbishment plans for the
building and the new scheme will increase the floor area by 8%
whilst the existing glazed exterior will be replaced with an
elegant masonry facade. An amendment to the existing planning
consent has been submitted and approval is anticipated in the next
few months. The lease is conditional on obtaining satisfactory
consent. Completion is estimated for mid-2013 and capital
expenditure to complete the refurbishment is forecast at
GBP30m.
Burberry has an established presence in the area with its global
headquarters located at Horseferry House, owned by Derwent London,
immediately opposite Page Street.
John Burns, Chief Executive Officer at Derwent London,
commented:
"We are delighted that Burberry, an iconic British brand and
valued existing tenant, has chosen to expand its presence in our
portfolio. Pre-letting Page Street underlines our strong working
relationships with our tenants. The building will be substantially
reconfigured and extended and will provide a high quality,
contemporary working environment."
-Ends-
For further information please contact:
Derwent London 020 7659 3000
John Burns, Chief Executive Officer
Louise Rich, Head of Investor Relations
Brunswick Group
Elizabeth Adams 020 7404 5959
Notes to editors
Derwent London plc
Derwent London plc is the largest central London focused REIT
with an investment portfolio of GBP2.6bn as at 30 June 2011. The
Group is one of London's most innovative office specialist property
regenerators and investors and is well known for its design-led
philosophy and creative management approach to development.
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, regeneration and redevelopment. The Group owns and
manages an investment portfolio of 5.4 million sq ft (505,000m(2)
), as at 30 June 2011, of which 96% 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 Angel
Building EC1, Arup Phases II & III W1, Qube W1, Horseferry
House SW1, Johnson Building EC1, Davidson Building WC2 and Tea
Building E1.
Derwent London came fifth overall in the 2011 Management Today
awards for 'Britain's Most Admired Companies' and has also recently
won the Estates Gazette Property Company of the Year - Offices
award. In 2011, Angel Building was shortlisted for the RIBA
Stirling Prize following its RIBA London 2011 award and has also
won numerous accolades from organisations such as the British
Council for Offices, the British Construction Industry and New
London Architecture. The Maple & Fitzroy development in
Fitzrovia W1, which completed in September 2010, also won a 2011
RIBA London and New London Architecture award.
For further information see www.derwentlondon.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSEEFSDFESESE
Derwent London (LSE:DLN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Derwent London (LSE:DLN)
Historical Stock Chart
From Sep 2023 to Sep 2024