21st Jan 2010 07:00
Lettings progress at St Martin's Courtyard
Shaftesbury PLC, the specialist West End Real Estate Investment Trust, announces three further lettings at St. Martin's Courtyard, Covent Garden, held in the Longmartin Joint Venture with The Mercers' Company.
The commercial space at St. Martin's Courtyard comprises 23 shops (67,000 sq. ft.), five restaurants (30,000 sq.ft.) and 69,000 sq. ft. of offices in four buildings. Completion of the shops and restaurants is expected in phases by the summer of 2010 and of the offices by the autumn.
Offices at 11 Slingsby Place (43,000 sq. ft.)
The entire office building on second to sixth floors, due for completion in September 2010, has been pre-let to a wholly owned subsidiary of Robert Walters PLC for ten years at an initial rent of approximately £2,146,000 per annum (equivalent to £50 per sq.ft.) subject to an upward only rent review after five years and a rent free period equivalent to 21 months.
Restaurant at 8-10 Upper St. Martin's Lane (7,000 sq. ft.)
This restaurant on basement and ground floor, which is due for completion in shell form in February 2010, has been pre-let to Oreole Restaurants Limited, to trade as a Mexican restaurant under the name of Cantina Laredo. The lease is for a period of 25 years at an initial rent of £350,000 per annum, subject to five yearly upward only rent reviews. There is a rent free period of thirteen months.
Restaurant at 12 Upper St. Martin's Lane (5,000 sq. ft.)
This restaurant, on basement and ground floor, is due for completion in shell form in March 2010. It has been pre-let to Dishoom Limited, to trade as an Indian restaurant under the name of Dishoom, for 25 years at an initial rent of £260,000 per annum, subject to five yearly upward only rent reviews. There is a rent free period of eleven months.
The status of the St Martin's Courtyard scheme following these lettings is set out below:
|
Let or pre-let |
Under offer |
Remaining |
Total |
||
|
Shops |
Number |
4 |
1 |
18 |
23 |
|
Area '000 sq. ft. |
19 |
8 |
40 |
67 |
|
|
Rental value £ million |
£2.0 |
£0.5 |
£1.7 |
£4.2 |
|
|
Restaurants and leisure |
Number |
3 |
- |
2 |
5 |
|
Area '000 sq. ft. |
18 |
- |
12 |
30 |
|
|
Rental value £ million |
£0.9 |
- |
£0.5 |
£1.4 |
|
|
Offices |
Area '000 sq. ft. |
43 |
- |
26 |
69 |
|
Rental value £ million |
£2.1 |
- |
£1.3 |
£3.4 |
|
|
Residential |
Number |
4 |
- |
30 |
34 |
|
Area '000 sq. ft. |
3 |
- |
22 |
25 |
|
|
Rental value £ million |
£0.1 |
- |
£1.1 |
£1.2 |
|
|
Total rental value £ million |
£5.1 |
£0.5 |
£4.6 |
£10.2 |
|
21 January 2010
For further information:
|
Jonathan Lane, Chief Executive Brian Bickell, Finance Director Shaftesbury PLC 020 7333 8118 www.shaftesbury.co.uk |
Simon Courtney City Profile 020 7448 3244 |
Ends.
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