Property group Great Portland Estates has announced that its 50-50 joint venture (JV) with Scottish Widows Investment Partnership has pre-let 40,000 square foot to Lane Clark and Peacock in its development at 95 Wigmore Street, west London.
Lane Clark and Peacock will occupy the first to third floors in the nine-storey building and will take a fifteen-year lease, paying a total of £3.1m per annum, equating to an average of £77.50 per sq ft for the office space, although it will receive 28.5 months' rent free from the lease commencement.
The space will be handed over in March 2013.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The JV, known as The Great Wigmore Partnership, is currently working to complete the 111,200 sq ft project by June next year. The site will provide 82,300 sq ft of offices, 16,400 sq ft of retail space, and 12,500 sq ft of residential.
Neil Thompson, Portfolio Director of Great Portland said: "This pre-letting of close to half of the office space in the building is further good letting business for Great Portland following the pre-lets we concluded with Savills at 33 Margaret Street, W1 and UBM at 240 Blackfriars Road, SE1, earlier this year.
"We are looking forward to welcoming LCP on completion of their fit-out in the summer next year. 95 Wigmore Street will be a prominent, high quality West End building and we have good interest in the remaining space".
The share price fell 0.2% to 456.20p by 08:59.
NR
