Long-running rumours concerning the preletting of Lep House, St Paul’s Vista, London EC4, by the Lep Group to Swiss Bank Corporation International have been confirmed at last.
The bank are to acquire a 25-year lease on the 190,000-sq ft office development at a rent in excess of £30 per sq ft. There will be upward-only reviews at the start of the lease in 1988 and at five-yearly intervals thereafter.
Swiss Bank will sublet around 70,000 sq ft of the offices in the new building and assign the lease on their existing 38,000-sq ft headquarters at 130 Wood Street, EC2. Hillier Parker represented Swiss Bank throughout and will be retained to let the surplus accommodation.
The Lep Group says that, on the basis of the agreed minimum rent and at current investment yields, the property — costing around £40m to develop — will, on completion, have a market value of over £70m. It is their intention, however, to retain Lep House as a long-term investment.
Architects on the project are Seifert & Partners. Lep Group are being advised by St Quintin and James Andrew & Partners. The construction of Lep House will be project managed by Speyhawk (Project Management).
