23rd Oct 2013 09:59
LONDON (Alliance News) - Great Portland Estates PLC Wednesday said its joint venture with BP Pension Fund, through its property nominee Ropemaket Properties, has pre-let 23,608 square foot to law firm, Boodle Hatfield, at its South London Development site.
The 50:50 joint venture, The Great Ropemaker Partnership, commenced construction on the 20 storey building on Blackfriars Road, Southwark in January 2012 with practical completion scheduled for March 2014.
The 236,555 sq ft development will provide 222,239 sq ft of offices, 4,556 sq ft of retail space and 9,760 sq ft of residential in ten private apartments in an adjacent building.
Boodle Hatfield will occupy the ninth and tenth floors and join UBM PLC who leased 105,648 sq ft in January 2012.
The law firm will take two ten-year leases paying a total of GBP1.2 million per annum, equating to GBP50 per sq ft and will receive 25 months rent free from lease commencement.
The stock was trading at 591.50 pence Wednesday morning, down 1.50 pence or 0.3%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
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