Derwent London PLC - London-based property investor and developer - Says all 204,300 square feet of office space at its 25 Baker Street development in London is now fully pre-let to five tenants, for an average lease term to break of 13.5 years. Rents across the building ranges from £98 to £113 per square foot. The £104 per square foot average is a 16.5% premium to the building’s appraisal estimated retail value. Separately, the group adds that two of its six retail and food & beverage units are under offer, with discussions ongoing on further units.
Chief Executive Officer Paul Williams says: ‘The pre-letting and rental levels achieved further demonstrate positive structural market trends, with the shortage of supply of prime offices across London’s West End. The long leases and strong line-up of well-established financial and professional services firms support the attractive project return.
‘Our recent acquisition of full ownership at the adjacent 50 Baker Street W1, where we will deliver around 240,000 square feet of amenity-rich and highly sustainable space, highlights our confidence in the prospects for the area. Our next phase of West End developments totals 500,000 square feet across three projects.’
Current stock price: 1,839.80 pence, down 1.7% in London on Thursday morning
12-month change: down 20%
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