Business
MAJOR PRE-LET TO CAPITA AT THE COPYRIGHT BUILDING
MAJOR PRE-LET TO CAPITA AT THE COPYRIGHT BUILDING.
About this update from Derwent London Plc
[{"type":"text","content":"\n \nRNS Number : 0845Q Derwent London PLC 25 February 2016 \n\n \n \n25 February 2016\nDerwent London plc (\"Derwent London\" / \"the Group\")\nMAJOR PRE-LET TO CAPITA AT THE COPYRIGHT BUILDING \n \nDerwent London is pleased to announce the pre-letting of the entire office element of The Copyright Building, 30 Berners Street W1 to Capita Business Services Limited (\"Capita\"). Capita has agreed to take 87,150 sq ft at a rent of £7.4m pa (gross) which nets back to £6.5m pa after allowing for ground rent payable to the freeholder. This includes the ground floor reception of 1,500 sq ft and office floors one to seven. Capita will be taking a 20-year lease with no breaks at an average office rent of £86 psf. Rental incentives equate to a 34 month rent free period and there are five-yearly upward-only open market rent reviews. In addition, to facilitate Capita's back-to-back move to The Copyright Building, the Group has made a payment to their landlord to extend their lease.\n\n \nImage – Please refer to the below link.\nhttp://www.rns-pdf.londonstockexchange.com/rns/0845Q_1-2016-2-24.pdf \n \n \nThe Copyright Building, located in Fitzrovia, is immediately to the south of Fitzroy Place and opposite the Sanderson Hotel. In October 2014 Derwent London's scheme received planning consent and, shortly after, a new headlease was agreed with the freeholder taking the lease term to 127 years with a gearing of 12.5% of rents. The scheme commenced in January 2015 and is due to complete in H2 2017. In addition to the office space, there is 20,000 sq ft of A1/A3 retail.\n \nJohn...