14 June
2021
Picton Property
Income Limited
(“Picton”)
LEI:
213800RYE59K9CKR4497
Increase in
occupancy with letting success at Stanford Building, London, WC2
Following the completion of the refurbishment of the Stanford
Building earlier this year, Picton is pleased to confirm its
largest letting of the year, securing an occupier for all the
remaining office space at rent of £0.5 million per annum.
On the third and fourth office floors it has secured an average
rental of £80 per sq ft, which is 3% below the March 2021 ERV, but reflects a longer term
10-year lease commitment.
Prior to this Picton had already leased the second floor
offices, a fifth floor residential unit and converted the first
floor from retail to office use, for its own occupation. This
leaves only a smaller flagship retail store available.
On a proforma basis portfolio occupancy will increase to
92%.
Michael Morris, Chief Executive
of Picton, commented:
“To have completed this letting of the remaining office space
further demonstrates the quality of both the location and the
scheme we have delivered. More widely it is encouraging that we are
seeing increasing interest in our high-quality accommodation that
meets the needs of today’s office occupiers.”
For further information:
Tavistock
Jeremy Carey/James Verstringhe, 020 7920
3150, james.verstringhe@tavistock.co.uk
Picton
Michael Morris, 020 7011
9980, michael.morris@picton.co.uk
Note to Editors
Picton, established in 2005, is a UK REIT. It owns and actively
manages a £682 million diversified UK commercial property
portfolio, invested across 46 assets and with around 350 occupiers
(as at 31 March 2021). Through an
occupier focused, opportunity led approach to asset management,
Picton aims to be one of the consistently best performing
diversified UK focused property companies listed on the main market
of the London Stock Exchange.
For more information please visit: www.picton.co.uk
ENDS