Derwent London Regulatory News (DLN)

8 Jan 2008 08:00

Derwent London PLC08 January 2008 8 January 2008 Derwent London plc ("Derwent London" / "Company") DERWENT LONDON SECURES FIRST LETTINGS AT QUBE - OFFICE LETTING SECURED AT RECORD FITZROVIA RENT- Derwent London is pleased to announce that it has secured its first lettings atQube, its recently completed office and retail development at 90 WhitfieldStreet, London W1. Advertising company, Aegis Media Ltd, a subsidiary of Aegis Group plc, hasleased the second floor (18,837 sq ft/ 1,750 sq m) for a 15 year term, with fiveyearly rent reviews, at £1,130,220 per annum (£60 per sq ft/£646 per sq m). Thissets a record rent for Fitzrovia. The tenant has been granted a 15 month rentfree period. In addition, sushi outlet, Itsu Ltd, has leased a ground-floor retail unit inthe building of 1,283 sq ft (119 sq m) on a 15 year term, with five yearly rentreviews, at £116,000 per annum. The tenant has been granted a six month rentfree period. Qube comprises 100,000 sq ft (9,290 sq m) of Grade A office accommodationarranged over five floors and 8,300 sq ft (771 sq m) of retail accommodation insix units fronting Tottenham Court Road. John Burns, Chief Executive of Derwent London, commented: "Qube has brought a new, high quality, design-led building to Fitzrovia, one ofLondon's fastest improving business locations where Derwent London owns inexcess of 1 million sq ft of property. We are delighted to have secured Aegis asour first office tenant, at a rent which is not only above the valuation levellast June (of £57.50 per sq ft), but also sets a new high for the area. Theletting of this exceptional grade A space endorses the demand in this location.We are in discussions with a number of parties for the remainder of the space. "Additionally, we are pleased that Itsu, one of London's new wave foodoperators, has taken one of the ground floor units. This will animate thebuilding's ground floor and bring new life to the restaurant offer in this partof Tottenham Court Road." - Ends - For further information please contact: Derwent London Financial DynamicsJohn Burns Stephanie Highett / Dido LaurimoreTel: +44 (0)20 7659 3000 Tel: +44 (0)20 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange