TR Property Investment Trust Plc has completed three lettings and agreed terms for a fourth, in deals that will generate rent of £380,000 pa.
The group said around 19,800 sq ft had been let or was under offer.
At the Colonnades, Bayswater, the Trust has let 7,300 sq ft of first floor offices to Sanastro, a publishing and business information group, at a rent of £171,000 pa (£23.50 per sq ft) subject to a rent-free period of nine months.
The lease is for a term of 10 years with a tenant option to break at the end of the fifth year.
The space let to Sanastro was converted from surplus storage space in 2004.
The space had previously been leased to Budgens, who occupy the supermarket on the ground floor.
At Thames Central, Slough, two lettings totalling 8,300 sq ft have been completed with Mycom (UK) and Guidance Software Inc.
Terms have also been agreed to let a further 4,200 sq ft to a technology company.
Following the expiry of rent-free periods ranging from six to nine months, the lettings will add £209,000 pa in rent (average £16.70 per sq ft).
On completion, the building will be 38% let, up from 17.8% in January.
Chris Turner, fund manager, said: “The first four months of the year have seen a gradual improvement in the office lettings markets in central London and the Thames Valley.
“Whilst vacancy rates outside the core West End area remain high, demand for quality space has increased and landlords have been able to reduce the level of incentives offered to prospective tenants.
“We are delighted with the letting at The Colonnades and with the progress we are making at Thames Central, which we bought entirely vacant less than a year ago.
“We are in discussions with a number of other potential occupiers and look forward to reporting further lettings over the coming months.”
References: EGi News 15/05/06
