Covent Garden offices fully let following Apple deal

Posted on by John Cronin

A speculative office scheme in Covent Garden, London is now fully occupied following a lease deal with technology giant Apple.

Apple has agreed a 15-year lease on the remaining 7,181 sq ft of floor space at 10 Slingsby Place, St Martins’s Courtyard, a mixed-use development in Covent Garden. Apple has agreed to let the office space on the 2nd and 3rd floors of the building. Market reports indicate that a rental price of £52 / sq ft has been agreed. Apple also has office space of more than 50,000 sq ft at the prestigious 67,000 sq ft One Hanover Street office scheme in Mayfair.

st martins courtyardSt Martin’s Courtyard (pictured) is a mixed-use development on a site covering about 2-acres and includes 101,000 sq ft of offices, 70,000 sq ft of retail space, 8 restaurants and residential apartments.

The speculative £100m development is a joint venture between Shaftesbury plc and The Mercers Company. The majority of the office accommodation was pre-let ahead of the scheme completion in late 2010. At the of September, 2010 76% of the offices had been let.

Other office tenants include healthcare company, PZ Cussons plc and recruitment consultants, Robert Walters who agreed a pre-let deal on 43,000 sq ft of floor space at 11 Slingsby Place. Private equity company August Equity have leased the 4,842-sq ft first floor of 10 Slingsby Place.

Shaftesbury plc Director, Simon Quayle, commented: “We are delighted to have attracted occupiers of the calibre of Apple, Robert Walters, PZ Cussons and August Equity to St Martin’s Courtyard”.

Marketing agents for the offices were H2SO and E.A. Shaw.

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