Tate & Lyle letting is sweet news for developer

Posted on by John Cronin

Developer UK & European has secured Tate & Lyle as the first occupier of floor space at its One Kingsway scheme.

One KingswayUK & European has secured its first office tenant at the One Kingsway building (pictured – website). The only other current occupier in the building is the Delaunay Restaurant, based on the ground and basement levels.

Tate & Lyle has signed for the top two floors at the London, Midtown located building. Agreeing to a 15-year lease, the firm has taken 24,780 sq ft at a rental price of £67.50 / sq ft.

Occupying a prominent corner of Aldwych and Kingsway WC2, the existing 1920’s building has been completely rebuilt with only the original facade being retained. Just over 79,000 sq ft of the 105,000 sq ft of office floor space remains available over floors 1 – 6. Floor plates range from 11,050 sq ft to 13,742 sq ft. The mixed-use scheme of retail, office space and residential units has achieved a BREEAM ‘Excellent’ rating.

Letting agents Farebrother believes that investments in Midtown office developments are set to exceed pre-recession levels. Reporting that annual investment to date in Midtown is nearly £2bn, Julian Hind, Head of Leasing, Sales & Development comments (pdf link): “We have upped our end-of-year projection for total office take-up to circa 2.4m sq ft. Total, named demand for new and secondhand space remains strong at 4.7m sq ft, up by 300,000 sq ft on Q2.”

Earlier in the year, Capita Symonds published a report indicating that Midtown rents had risen by 18% over Q1, 2011.

Joint commercial marketing agents are Jones Lang LaSalle and Farebrother.

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