Lord Sugar’s Amsprop Estates has secured a record office rent in Soho as tenant frenzy for space pushes prices up.
Financial business FT Advisors has signed a five-year lease to relocate to 44 Great Marlborough Street, W1.
It will pay £92.50 per sq ft for the sixth floor and £85 per sq ft for the fifth floor. The space totals 4,200 sq ft. It is understood to be the highest Soho rent in a refurbished property.
The Soho 2013 peak was around £87.50 per sq ft, according to Colliers International, and the agent has forecast that rents in the area will rise to £96.50 per sq ft by 2018.
The high rent comes as a result of a supply and demand imbalance. There is just 3.3m sq ft of West End space available, but more than 5m sq ft of requirements are in the market.
Amsprop Estates bought the Great Marlborough Street block for circa £24m last November. The passing office rent was £643,236 pa, but the firm is expecting rises with the arrival of Crossrail in 2017.
Daniel Sugar, managing director of Amsprop, said: “These lettings confirm our investment strategy of buying quality in prime locations.”
Monmouth Dean advised the landlord; Morgan Pryce represented the tenant.
joanna.bourke@estatesgazette.com
