28th Jun 2006 12:04
Derwent Valley Holdings PLC28 June 2006 3PRESS RELEASE 28 June 2006 Derwent Valley Holdings plc (" Derwent Valley") DERWENT VALLEY PRE-LETS TELSTAR, PADDINGTON TO RIO TINTO Derwent Valley Holdings plc announces that Derwent Valley London Limited, asubsidiary company, and PRUPIM have exchanged an agreement for lease with RioTinto for the pre-letting of Telstar, Paddington, W2. Rio Tinto has committed to a 20 year lease on the entire 107,000 sq ft (9,940 sqm) building for their new European headquarters, at a rent of £4,954,000 perannum, with a 21 month rent free period. Situated on Eastbourne Terrace in Paddington, the development, which commencedat the end of 2005, is due to complete in July 2007, at a build cost ofapproximately £23 million, excluding fees. Designed by Fletcher PriestArchitects, the scheme creates an elegant new landmark building and is animportant contribution to the area's regeneration. Derwent Valley is thedevelopment manager for the scheme having sold the site to PRUPIM for itsPrudential Life Fund, once planning consent had been obtained. The agreementwith PRUPIM includes a profit sharing arrangement, which will be determined bythe final costs of the building and its market value on completion. John Burns, Managing Director of Derwent Valley, commented: "This pre-letting is a significant endorsement of both the location and thestrengthening Central London letting market. We designed Telstar to providehigh grade, modern office accommodation that would attract major companieswanting West End quality space but with all the transport advantages offered byPaddington. We are delighted with Rio Tinto's decision to move to Telstar.Paddington has substantial development activity going on at the moment and weare pleased to be playing an important role in its transformation." -ENDS- For further information please contact: Derwent Valley Holdings plc Tel: 020 7659 3000John Burns Financial Dynamics Tel: 020 7831 3113Stephanie Highett/Dido Laurimore This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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