Increase in occupancy with letting success at Stanford Building, London, WC2
Following the completion of the refurbishment of the Stanford Building earlier this year, Picton is pleased to confirm its largest letting of the year, securing an occupier for all the remaining office space at rent of £0.5 million per annum.
On the third and fourth office floors it has secured an average rental of £80 per sq ft, which is 3% below the March 2021 ERV, but reflects a longer term 10-year lease commitment.
Prior to this Picton had already leased the second floor offices, a fifth floor residential unit and converted the first floor from retail to office use, for its own occupation. This leaves only a smaller flagship retail store available.
On a proforma basis portfolio occupancy will increase to 92%.
"To have completed this letting of the remaining office space further demonstrates the quality of both the location and the scheme we have delivered. More widely it is encouraging that we are seeing increasing interest in our high-quality accommodation that meets the needs of today’s office occupiers."
Michael Morris Chief Executive of Picton