LONDON (Alliance News) - Standard Life Investments Property Income Trust Ltd said Monday that it has completed two significant lettings, including an agreement for the lease on the Bourne House office building in Staines, and a letting on the whole of the fourth floor of St James House in Cheltenham.
The company said it has completed an agreement for lease on the whole building at Bourne House in Staines in Surrey. It said the 25,780 square feet office is currently being refurbished, and the new lease will start once the work is completed, which is expected in June. It said the new lease is for a term of 10 years at a rent of GBP687,640 per year, with a tenant break in the seventh year.
Standard Life Investments Property said it also has completed a letting on the whole of the fourth floor of St James House in Cheltenham, Gloucestershire, on a 10-year lease at a rent of GBP144,500 per year. It said the building is now fully let.
The company said that following the recent lettings, it has a void rate of only 2.1 % of estimated rental value and only three vacant units remaining.
Shares in the closed-ended investment company were trading at 72.75 pence per share midday Monday, up 1.0% or 0.75 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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