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Derwent London secures further major pre-lets

11 September 2017 07:45

Derwent London has pre-let most of the remaining office space at 80 Charlotte Street W1 to The Boston Consulting Group.

Derwent London said BCG would take the top 5th to 8th floors comprising 123,500 sq ft on a 15-year lease with five-year rent reviews and an option to break after 12 years subject to a penalty.

It said the initial rent was £10.6m per annum, slightly above ERV. Derwent London said that in addition, Arup Group had now committed to take a further 19,800 sq ft on the 4th floor on the same terms as its other office space, a 20-year lease at an initial rent of £1.5m per annum subject to annual increases of 2.25% for the first 15 years.

Derwent London said Arup had also relinquished its option to take the remaining space on that floor.

Derwent London said: "Including the space Arup previously committed to occupy, we have now pre-let a minimum of 276,900 sq ft or 86% of the total office space in the project for a rent of £21.8m per annum."

It said that BCG also had the right to take up to a further 43,000 sq ft comprising 20,100 sq ft on the 4th floor, which was previously under option to Arup, and 22,900 sq ft on the ground and lower ground floors.

Derwent London said the rent free periods on the let space were in line with the earlier Arup letting.

It added: "Should BCG take up all their additional space this significant Fitzrovia building would be 99% pre-let." The 80 Charlotte Street development campus totals 380,000 sq ft in three buildings designed by Make Architects and construction is due for completion at the end of 2019.

80 Charlotte Street is the largest building at 323,000 sq ft.

The two other buildings total 12,000 sq ft of offices and 45,000 sq ft of residential space.

Following today's announcement a minimum 83% of the total commercial element is pre-let with BCG having the right to occupy another 13%.

Story provided by StockMarketWire.com

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