Derwent London Regulatory News (DLN)

25 Aug 2009 07:01



25 August 2009 

Derwent London plc ("Derwent London" / "Company")

Derwent London secures Fitzrovia pre-let

Derwent London has secured a 12,200 sq ft (1,130 sq m) pre-let at 45 Whitfield Street, W1 to Target Media Group (OTM (UK) Ltd) which will take the entire building on a 10-year lease at £345,000 per annum.

The rent on the first to fourth floors is £30 psf (£323 psm) with £25 psf (£269 psm) on the ground floor and £10 psf (£108 psm) on the lower ground floor. There are mutual options to break in March 2013 to preserve flexibility with regards to future development plans. A 10 month initial rent free period was agreed, plus a further 10 months rent free period if the breaks are not exercised.

The pre-let to Target Media follows significant activity at Derwent London's Fitzrovia estate. At 43 Whitfield Street, a total of 8,200 sq ft (760 sq m) was recently let to the University of Leeds and Zuhlke Engineering at £268,000 per annum whilst another three floors totalling 6,000 sq ft (560 sq m) is under offer. 

In the year to date, the group has either let or placed under offer 210,000 sq ft (19,530 sq m) of floorspace in central London with a rental income of £6.0 million per annum. Of this, 72,000 sq ft (6,690 sq m) (£3.0 million per annum) was in Fitzrovia, which demonstrates our commitment to the regeneration of the area. 

Fitzrovia is a strategically important area for the group where our holdings total over one million sq ft (92,900 sq m). Future plans include the refurbishment of existing buildings and investment in local services to revitalise this unique part of W1.

Quote from John Burns - Derwent London

"We are pleased to have achieved a pre-let in our Fitzrovia village to Target Media. This is a further step in Derwent London's plans to regenerate parts of Fitzrovia and we are working with our tenants and fellow investors to create desirable spaces in which to live and work."

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