Picton secures first new tenant at Farringdon Road

(ShareCast News) - Property investment company Picton announced on Tuesday that it has secured its first new occupier at 50 Farringdon Road in Clerkenwell, EC1.The London-listed firm said it has let 7,800 sq ft of office space to the leading multidisciplinary engineering contractor Volker Wessels.They will occupy the larger wing of the first floor on a ten year lease, subject to break, at an annual rent of £0.42m, in line with ERV.The second floor and one small suite on the first floor remain available to let, and Picton's board said there is good interest.It described the property as being a short walk from Farringdon station, and with Crossrail due to open in 2019, it added that the connectivity of the location will further improve.Picton said it has implemented a strategy to meet occupational demand by subdividing the space whilst retaining the previous high quality fit out, saving significant capital expenditure.On a pro rata basis the new rent is over 60% higher than the previous rent."This letting confirms our strategy to provide a 'plug and play' solution is attractive to occupiers," said chief executive Michael Morris."It is also encouraging that we have good interest in the remaining space."