Land Securities Trillium has signed an agreement with Sutton Harbour to develop a 57,000 sq ft office building in the centre of Plymouth.
The construction of the building, due for completion in the second quarter of 2006, is expected to cost about £11.5m, which will be financed through a new and separate debt facility.
Once completed, the building will be occupied by the Department of Work and Pensions.
The offices will be let on a 15-year lease and Sutton Harbour will receive an initial rental income of £14.25 per sq ft.
References: EGi News 07/04/05
