Wainbridge completes office and retail lettings at 120 Holborn
Wainbridge Limited has successfully negotiated with British Telecom for the surrender of its lease on 150,000 sq ft of office space at 120 Holborn, London.
Wainbridhge has subsequently re-let 20,000 sq ft of the space on improved terms to outsourcing firm Steria for the sixth floor on a six year lease, at a rent of GBP47.50 per sq ft.
This letting sets a new rental tone within 120 Holborn, and Wainbridge will look to improve upon this level with the remaining 120,000 sq ft of office space, which will be delivered to Cat A specification during 2014.
At the same time Wainbridge has commenced its exercise to improve the retail offer on the estate and has taken a surrender of 12 Leather Lane and re-let to Mexican restaurant operator Chilango at an improved rent of GBP132.50 per sq ft (ITZA).
Wainbridge is acting as specialist asset and development manager on behalf of 120 Holborn’s owners. Wainbridge currently manages over 1.2 million sq ft of space in London on behalf of Wainbridge Global Opportunities London Limited and other third party investors.
Jonathan Hardie, head of asset management, Wainbridge Limited, says: “These lettings represent a successful outcome for our asset management strategy for 120 Holborn, and provide a bedrock of income while we undertake the refurbishment of the remaining office space and drive forward rents on the retail element.
“2013 has seen a spate of large lettings from major occupiers in the immediate area surrounding 120 Holborn and growing demand in an area where there is limited new development or high quality space coming into the market. This imbalance, combined with the approaching arrival of Crossrail at Farringdon station in 2017 and the planned remodelling of the adjacent Holborn Circus and improvement to the surrounding public realm, underpins our belief that the property is extremely well located and has significant potential for income and valuation growth.”