Last checked at 10 Jan 2017 07:00
Picton Property Income Ltd - Picton Secures First New Occupier at 50 Farringdon RoadPicton Property Income Ltd - Picton Secures First New Occupier at 50 Farringdon Road
PR Newswire
London, January 9
10 January 2017
PICTON PROPERTY INCOME LIMITED(“Picton”, the “Company” or the “Group”)
PICTON SECURES FIRST NEW OCCUPIER AT 50 FARRINGDON ROAD, LONDON, EC1
Picton (LSE:PCTN), the property investment company, announces that it has secured its first new occupier at 50 Farringdon Road in Clerkenwell, EC1.
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 £0.42 million, in line with ERV.
The second floor and one small suite on the first floor remain available to let and there is good interest. The property is situated a short walk from Farringdon station and with Crossrail due to open in 2019, the connectivity of this location will further improve.
Picton 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.
Michael Morris, Chief Executive of Picton Capital Limited, commented: “This letting confirms our strategy to provide a ‘plug and play’ solution is attractive to occupiers. It is also encouraging that we have good interest in the remaining space.”
ENDS
For further information:TavistockJeremy Carey/James Verstringhe, 020 7920 3150, jverstringhe@tavistock.co.ukPicton Capital LimitedMichael Morris, 020 7011 9980, michael.morris@picton.co.ukNote to EditorsPicton is an income focused property investment company listed on the London Stock Exchange. Picton can invest both directly and indirectly in commercial property across the United Kingdom.With Net Assets of £423.9 million at 30 September 2016, the Company´s objective is to provide shareholders with an attractive level of income, together with the potential for capital growth by investing in the principal commercial property sectors. www.picton.co.uk