Tribal Grp. Regulatory News (TRB)

29 Aug 2008 07:01



3PRESS RELEASE

29 August 2008

Derwent London plc ("Derwent London" / "Company")

DERWENT LONDON LETS FURTHER SPACE AT QUBE AND 

SECURES GORDON HOUSE PRE-LET

Derwent London has secured further lettings at Qube, its new office and retail development at 90 Whitfield Street, London W1, to Geronimo Communications, part of the Tribal Group plc, and Space NK Ltd, and has pre-let 15,900 sq ft (1,480 sq m) of office space at Gordon House, Francis Street, London, SW1 to The Benefit Express Ltd.

Tribal, a leading provider of consultancy services to the public sector, has taken 12,150 sq ft (1,130 sq m), on the third floor of the building.  The tenant has taken the space on a 10 year lease at a rent of £58.00 per sq ft (£624 per sq m), equating to £705,000 per annum, rising to a minimum of £60.00 per sq ft on first review.  The tenant has an option to break at year five and has been granted a six month rent free period.

In addition, Space NK, a leading contemporary beauty product store, has taken 1,270 sq ft (120 sq m) in a ground floor retail unit fronting Tottenham Court Road. The tenant has taken a new 10 year lease at a base rent of £50,000 per annum plus an additional turnover rent with a personal option to break at year five.

With lettings also secured to advertising company, Aegis Media, and sushi restaurant chain, itsu, earlier in the year, approximately a third of Qube is now let.

In the latest of a series of pre-lets for the Company, The Benefit Express, an HR solutions firm, has taken 15,900 sq ft (1,480 sq m) of office accommodation at Gordon House, SW1, part of the 127,300 sq ft (11,800 sq m) multi-let Greencoat and Gordon House office complex. The space comprises the fully refurbished third and fourth floors and the newly constructed fifth floor penthouse suite. The lease is for a 10 year term, at a rent of £860,000 per annum, with a tenant's option to break at year five and a 14 month rent free period.

John Burns, Chief Executive of Derwent London, comments: 

"It is encouraging that we have been able to secure these lettings in difficult market conditions. We are pleased to have achieved another pre-let, following the substantial pre-let of over half of our Angel scheme last month. These transactions endorse Derwent London's ability to continue to attract occupiers and bring value to its portfolio through successfully applying its unique design-led strategy and mid-market positioning."

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For further information please contact:

Dido Laurimore/ Olivia Goodall, Financial Dynamics (for Derwent London): Tel: 020 7831 3113

John Burns, Chief Executive, Derwent London: Tel 020 7659 3000