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Derwent announces White Chapel prelets

The White Chapel Building, E1, Derwent

Derwent London has announced four prelets totalling 84,000 sq ft at the White Chapel Building, E1.

Legal firm Reddie & Grose, advised by Farebrother, architects Perkins & Will and The Shipowners Club are among the four occupiers, three of which signed leases after the EU referendum.

The deals represent 46% of phase one of the 185,000 sq ft refurbishment.

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The rent is £4m pa and all four occupiers have signed 10-year leases, with 59% subject to a five-year break and half subject to minimum rental uplifts on first review.

The average rent-free period is eight months for the two leases where there are tenant breaks, rising to 17 months if no breaks are exercised.

The eight-storey building was acquired with vacant possessions in December 2015 and the refurbishment is due for completion in Q4 2016.

The majority of the remaining available space consists of the top three floors.

Phase two will comprise predominantly the lower ground floors representing another circa 85,000 sq ft of space where work could start in 2017.

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