16th Jan 2007 08:54
Derwent Valley Holdings PLC16 January 2007 16 January 2007 Derwent Valley Holdings plc ("Derwent Valley" or "the Group") DERWENT LETS HORSEFERRY HOUSE, WESTMINSTER SW1, TO BURBERRY AS NEW GLOBAL HEAD OFFICE Derwent Valley Central Limited, a subsidiary of Derwent Valley Holdings Plc, haspre-let the 160,000 sq ft (14,864 sq m) Horseferry House on Horseferry Road,Westminster to Burberry, the London-based global luxury goods brand. Burberrywill relocate its international head office from its existing buildings aroundHaymarket to Horseferry House. The move will also allow Burberry to consolidateits Head Office workforce into one flagship building which will provide anefficient and cost effective London location for the future. Horseferry House was originally purchased by Derwent Valley in 2005 and has beenredesigned by architects Allford Hall Monaghan Morris. Work has now started onsite and involves the comprehensive refurbishment of the 1930s office buildingwhich sits on an island site on Horseferry Road. The proposals will complementthe original architectural features of the building whilst providing modern andcontemporary offices. It is anticipated that the building works will becompleted in Spring 2008. Burberry will occupy the entire nine storey building on a 25-year lease at£5,292,000 per annum, with an option to break at the end of the fifteenth yearand an 18-month rent-free period. The rent equates to £38.20 per sq ft on theprime space. The leasing of Horseferry House reflects a growing trend identified by DerwentValley for major companies to relocate just outside London's core West End. Thisfollows the recent pre-letting of Telstar in Paddington to Rio Tinto and theletting of the Johnson Building in Hatton Garden to Grey Advertising, FaberMaunsell and Thomson Scientific. John Burns, Managing Director of Derwent Valley, commented: "Horseferry House isan exciting project in an improving location and we are delighted to havesecured this substantial letting. This confirms a strong market forwell-designed high quality space just outside the core West End and reinforcesour strategy of identifying great opportunities within London's many 'urbanvillages' and attracting top-grade occupiers." -Ends- For further information please contact: Derwent Valley Holdings plc Tel: 020 7659 3000John Burns Financial Dynamics (for Derwent Valley) Tel: 020 7831 3113Stephanie Highett/Dido Laurimore/Marcus Pepperell Notes to editors: About Derwent Valley Derwent Valley is one of the capital's leading investors. Specialising ininnovative design, Derwent Valley's circa £1 billion portfolio comprisesincome-generating assets, office refurbishment, new-build projects and mixed-useschemes. On 14 November 2006, the Company announced its proposed merger with LondonMerchant Securities plc to create Derwent London, a leading central Londonspecialist with a combined portfolio in excess of £2 billion. The group not only focuses its work on the West End, but in other Londonlocations where it perceives future value. Derwent Valley prides itself onpioneering design solutions, creating interesting work environments and workingwith Britain's leading architects and designers. Website: www.derwentvalley.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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