(Alliance News) - Picton Property Income Ltd on Monday said it has secured an occupant for the remaining office space at the Stanford Building in London for rent of GBP500,000 per year.
The third and fourth floors have been let with an average rental of GBP80 per square foot, 3% below the March estimated rental value but reflecting a longer term 10-year lease commitment.
This agreement increases Picton Property's portfolio occupancy to 92%.
The office building has four floors of office space, a fifth floor residential unit and a retail store. Refurbishment of the Grade II listed landmark building was completed earlier this year.
The second floor offices and fifth floor residential flat have already been leased, and Picton Property will occupy the first floor. Only the smaller flagship retail store remains available.
Chief Executive Michael Morris said: "To have completed this letting of the remaining office space further demonstrates the quality of both the location and the scheme we have delivered. More widely it is encouraging that we are seeing increasing interest in our high-quality accommodation that meets the needs of today's office occupiers."
By Scarlett Butler; scarlettbutler@alliancenews.com
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Picton Prop (PCTN)