Land Securities has confirmed that Barclays Bank is to take the vacant 10,800 sq ft at Piccadilly Lights.
Burger King, which had occupied the space at 1 Piccadilly Circus, WC1, for around 20 years, but agreed to surrender its lease – which was scheduled for renewal in September – before Christmas.
It had been paying £880,000 pa, but LandSec almost doubled to a new quoting price of £1.5m pa after the restaurant chain moved out.
Ed Green, LandSec asset manager, said: “Barclay’s plans for this unit reflect its unique position in the heart of one of
Helen Dodd, branch network development director for Barclays, said: “Barclays is delighted that Land Securities would like us to build our new flagship branch in this iconic location.”
Churston Heard and Thomas Davidson and Partners acted for Land Securities; Savills advised Barclays.
