Derwent London PLC FIRST OFFICE PRE-LET AT SOHO PLACE W1 (4648X)
April 30 2019 - 2:00AM
UK Regulatory
TIDMDLN
RNS Number : 4648X
Derwent London PLC
30 April 2019
30 April 2019
Derwent London plc ("Derwent London" / "the Group")
FIRST OFFICE PRE-LET AT SOHO PLACE W1
Derwent London is pleased to announce that it has pre-let the
top six floors of 1 Soho Place W1 to
G-Research, the financial data research and software development
company. G-Research will take 102,600 sq ft of offices, which
represents 53% of the office space in this building, or 42% of the
commercial space in the entire development including 2 Soho Place.
G-Research has committed to a 15-year lease at a rent of GBP9.7m
pa, with five-year rent reviews, no breaks and incentives in line
with our other recent lettings.
This prominent AHMM-designed scheme located over the Tottenham
Court Road Elizabeth line and Underground station will total
285,000 sq ft in two buildings comprising: 1 Soho Place 192,000 sq
ft of offices with 36,000 sq ft of retail space and 2 Soho Place
40,000 sq ft of theatre (which is pre-let) and 17,000 sq ft of
offices. Completion is expected in the first half of 2022. The
Group recently signed the main GBP195m construction contract with
Laing O'Rourke and work has started on site. The development
occupies a gateway position at the junction of Oxford Street and
Charing Cross Road. It will form a significant part of the major
upgrade of the area at the eastern end of Oxford Street which is
re-establishing itself as one of central London's key
locations.
John Burns, Chief Executive of Derwent London, said:
"We are delighted to have secured our first major pre-let at
Soho Place at such an early stage to a growing leading-edge
business. The pre-letting reflects the quality of our product, the
site's attractions and London's continuing appeal. Adding this
transaction to our successes at Brunel Building W2 and 80 Charlotte
Street W1 takes our current pre-let space to over 650,000 sq ft
representing GBP48m of additional rental income."
- ends -
For further information, please contact:
Derwent London John Burns, Chief Executive
Tel: +44 (0)20 7659 3000 Paul Williams, Property Director
Emily Prideaux, Head of Leasing
Quentin Freeman, Head of Investor
Relations
Brunswick Group Nina Coad
Tel: +44 (0)20 7404 5959 Emily Trapnell
G-Research Hugh Wilcock, Head of Estate Management
Tel: +44 (0)20 7631 7500
Notes to editors
Derwent London plc
Derwent London plc owns 86 buildings in a commercial real estate
portfolio predominantly in central London valued at GBP5.2 billion
(including joint ventures) as at 31 December 2018, making it the
largest London-focused real estate investment trust (REIT).
Our experienced team has a long track record of creating value
throughout the property cycle by regenerating our buildings via
development or refurbishment, effective asset management and
capital recycling.
We typically acquire central London properties off-market with
low capital values and modest rents in improving locations, most of
which are either in the West End or the Tech Belt. We capitalise on
the unique qualities of each of our properties - taking a fresh
approach to the regeneration of every building with a focus on
anticipating tenant requirements and an emphasis on design.
Reflecting and supporting our long-term success, the business
has a strong balance sheet with modest leverage, a robust income
stream and flexible financing.
Landmark schemes in our 5.4 million sq ft portfolio include
White Collar Factory EC1, Angel Building EC1, The Buckley Building
EC1, 1-2 Stephen Street W1, Horseferry House SW1 and Tea Building
E1.
In 2018 the Group won Property Week Property Company of the Year
and EG Offices Company of the Year, whilst White Collar Factory
scooped RIBA National and London awards, RICS National and London
awards, two BCO awards for Commercial Workplace and Innovation, an
EG Creative Places award and an NLA Wellbeing award. 25 Savile Row
also won RIBA National and London awards and SKA Gold for the
fit-out. In 2017 the Group collected the Property Week Developer of
the Year award and EG Offices Company of the Year and won further
awards from RIBA, Civic Trust and BCO. In 2013 Derwent London
launched a voluntary Community Fund and has to date supported 70
community projects in Fitzrovia and the Tech Belt.
The Company is a public limited company, which is listed on the
London Stock Exchange and incorporated and domiciled in the UK. The
address of its registered office is 25 Savile Row, London, W1S
2ER.
For further information see www.derwentlondon.com or follow us
on Twitter at @derwentlondon
Forward-looking statements
This document contains certain forward-looking statements about
the future outlook of Derwent London. By their nature, any
statements about future outlook involve risk and uncertainty
because they relate to events and depend on circumstances that may
or may not occur in the future. Actual results, performance or
outcomes may differ materially from any results, performance or
outcomes expressed or implied by such forward-looking
statements.
No representation or warranty is given in relation to any
forward-looking statements made by Derwent London, including as to
their completeness or accuracy. Derwent London does not undertake
to update any forward-looking statements whether as a result of new
information, future events or otherwise. Nothing in this
announcement should be construed as a profit forecast.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
STRQKLFLKZFLBBD
(END) Dow Jones Newswires
April 30, 2019 02:00 ET (06:00 GMT)
Derwent London (LSE:DLN)
Historical Stock Chart
From Apr 2024 to May 2024
Derwent London (LSE:DLN)
Historical Stock Chart
From May 2023 to May 2024