Derwent London lets building to Ticketmaster

Derwent London, a FTSE 250 property firm based in the capital, has let 47,700 sq ft (4,430m2) of office space at 10-4 Pentonville Road, Islington, to Ticketmaster UK.

Ticketmaster will occupy the whole of 4 Pentonville Road and the upper five floors of 10 Pentonville Road under a 12-year lease with no breaks. The tenant will pay £1.9m per annum at this seven floor building, based on £45 per sq ft (£484 per m2) on the top floor and £42.50 per sq ft (£457 per m2) on a typical mid-level floor, with a rent free period of 30 months.

There are upward-only rent reviews after five and ten years, with a minimum uplift to £2.0m after five years.

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John Burns, Chief Executive Officer of Derwent London, said: "We are pleased to welcome Ticketmaster to our newly regenerated offices at 10-4 Pentonville Road, another leading business taking space in this rapidly improving, vibrant location."

CM