A flurry of lettings this week brought some cheer to central London specialist Derwent Valley, which has reduced its 9% West End vacancy rate to 6%.
The largest deal is a 40,000 sq ft letting at the Tea Building – formerly Centric House – Shoreditch High Street, E1. Advertising agency Mother took a 15-year lease at an initial rent of just £10 per sq ft, with a capital contribution equivalent to six months rent-free. Pilcher Hershman and Stirling Ackroyd represented Derwent.
At Derwent’s own HQ, 25 Savile Row, W1, 9,400 sq ft has been taken by Israeli Bank Hapoalim. The 10-year lease at £45 per sq ft includes a 12-month rent-free period.
Media and advertising group Powers Turner is taking 4,300 sq ft and Inco is taking 4,000 sq ft at Gordon House, Victoria, SW1, paying £30 per sq ft.
The 10-year leases include seven months and 10 months rent-free respectively.
Finally, at 135-143 Charing Cross Road, WC2, Sainsbury’s has taken a prelet of a 5,100 sq ft store at £185,000 pa for 20 years.
