Squeezed office supply in Hammersmith has seen rents at a 12-year-old building achieve the same rent as new stock.
Money transfer business Western Union has agreed a new 15-year lease for 15,000 sq ft at Ropemaker Properties’ 200 Hammersmith Road, W6.
It is paying £50 per sq ft. The deal means the five-storey, 70,000 sq ft property is now fully let.
The figure is on a par with rents achieved at new developments including Development Securities’ and SWIP’s 10 Hammersmith Grove, W6, which completed in 2013 and is fully let.
It is also well above average 2013 rents for grade-A stock of £39.50 per sq ft.
David Cuthbert, partner at Hanover Green, which advised Ropemaker, said: “There is stock being developed, but for tenants wanting space immediately or shortly, Hammersmith supply has become scarce.”
Vacancy levels are at just 1%.
Occupiers remain attracted to the market for its close proximity to the core West End, but discounted rents from W1.
Developments under way include 167,000 sq ft at 12 Hammersmith Grove, but it is not due to complete until 2016.
Gerald Eve represented Western Union.
