Land Securities has kickstarted its Bankside development by preselling a 499,000 sq ft (46,357 sq m) building to IPC Magazine Group at the scheme on London’s South Bank.
IPC has bought Building 1, which is part of the 915,000 sq ft (85,003 sq m) Bankside 123 mixed-use development scheme on the site of the former St Christopher House.
The building will be handed over to IPC for fit out in spring 2006.
Land Securities will lease back 38,000 sq ft of retail and leisure space at the building.
IPC has an option to take this space back once it has been let by Land Securities.
Francis Salway, chief operating officer of Land Securities, said: “Land Securities is delighted to be able to start this significant development programme in Southwark by meeting the needs of IPC Media, a key local occupier, in what is one of the largest occupational transactions across the central London market.”
The deal follows IPC’s decision to drop plans to occupy all of AXA’s Thomas More Square, E1, in February.
Tishman Speyer’s Aldgate Union scheme, E1, had also tried to bag the tenant.
IPC was initially looking to lease the building from Land Securities.
References: EGi News 14/05/04
