WELPUT, the specialist Central London real estate fund, has secured three further lettings totalling 34,000 sq ft at Southside, 105 Victoria Street, SW1.
The 300,000 sq ft multi-let building is in a prime Victoria location providing high quality office and retail accommodation. The lettings follow a recent reception and common parts refurbishment and result in the building being 97% let.
i2 Office, the serviced office provider, has taken 22,000 sq ft on the recently refurbished sixth floor at a stepped rent increasing to £60 per sq ft on a ten-year lease with a mutual break in 2022.
The Labour Party, which has its headquarters on the eighth floor, has taken an additional 6,000 sq ft on the second floor at £65 per sq ft on a lease expiring in 2022,
Finally, AA Access Partnership Limited has taken 6,000 sq ft on the ninth floor on a lease expiring in 2022.
Jourdan Rajwan, Investment Manager at Schroder Real Estate, comments:
“These lettings are in line with WELPUT’s strategy of crystallising the significant portfolio reversion by undertaking refurbishments and repositioning assets. The expiries and break option in 2022 also provide WELPUT with flexibility to consider our longer term options for the property.”
Ker Gilchrist, Property Director at Grafton Advisors, adds:
“These significant lettings at Southside, are a clear vindication of the extensive work we have carried out at the building and the trust that new and exsisting tenants have in the quality of our product. Our approach continues to be one of focussing our efforts on providing good quality accommodation at a price point that matches specific occupational demand.”
WELPUT was advised by Tuckerman and Strutt & Parker.
