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21 Jul 2008 07:30
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3PRESS RELEASE
21 July 2008
Derwent London plc ("Derwent London" / "Company")
DERWENTΒ LONDONΒ PRE-LETSΒ TOΒ CANCER RESEARCHΒ ukΒ
140,000 SQ FTΒ OFFICESΒ ATΒ aNGELΒ BUILDING,Β LONDONΒ EC1
Derwent LondonΒ has agreed aΒ lettingΒ withΒ Cancer ResearchΒ UKΒ ("CR-UK"),Β one of theΒ UK's leading charities. ThisΒ willΒ result inΒ over 50% of theΒ AngelΒ BuildingΒ beingΒ pre-letΒ prior toΒ the completion of itsΒ reconstructionΒ inΒ midΒ 2010.
CR-UKΒ isΒ taking the ground, first,Β secondΒ and part-thirdΒ floors,Β comprising 139,500 sq ftΒ (12,960Β sq m)Β of the 263,000 sq ftΒ (24,433Β sq m)Β building on a 20Β year lease, with a break at the 15thΒ year,Β at a rent ofΒ Β£5,613,311Β per annum, representing aΒ rentΒ of Β£41.00 per sq ft on the first, second and part-thirdΒ floorsΒ and Β£35.00 per sq ft at ground floor. There is aΒ rent-free periodΒ ofΒ 24 monthsΒ and aΒ sixΒ month penalty if the break option is exercised.Β Β Until practical completion CR-UK has the right to take the remaining 28,804 sq ft / 2,676 sq m of the third floor at a rent of Β£41.00 per sq ft or to exclude the entire third floor from its occupancy.
Situated in Clerkenwell on the corner ofΒ Pentonville RoadΒ andΒ St. John StreetΒ and immediately south of Angel tube station, the building is within walking distance of Kings Cross and the newly opened St Pancras Eurostar terminal. The scheme will include 13,500 sq ft (1,254 sq m) of ground floor retail, a full height 9,500 sq ft (882 sq m) atrium reception area on a 0.31 acre (0.035 hectare) island site.
Formerly known as the Angel Centre,Β Derwent acquired theΒ buildingΒ through its merger with London Merchant Securities ("LMS") in February 2007 and immediatelyΒ instigatedΒ a strategy to progressΒ totalΒ refurbishment. This included agreeingΒ aΒ lease surrender withΒ the tenant, who continuesΒ to pay a rent of Β£4.3m per annum until March 2010.Β In February this year, Derwent secured planning permission for the Allford Hall Monaghan Morris redesign of the building which will add c.101,000 sq ft net (9,383 sq m) of new floor area to the original building.
-ends-
For further information please contact:
DidoΒ Laurimore/ Olivia Goodall,Β Financial Dynamics (for Derwent London): Tel: 020 7831 3113
John Burns, Chief Executive, Derwent London:Β Tel 020 7659 3000
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