London, 2017-Feb-01 — /EPR Retail News/ — British Land announces today (31 JAN 2017) that the office space at 7 Clarges Street, its 51,000 sq ft prime commercial development in Mayfair, is 83 per cent let, having secured terms with Capula Investment Management, Quantum Pacific and Fortress Investment Group.
Capula Investment Management will occupy 23,700 sq ft across three floors whilst US-based global investment firm Fortress has leased the fourth floor (8,200 sq ft). Both deals are for a period of ten years.
Tim Roberts, Head of Offices and Residential, British Land, said: “The interest we’ve seen in 7 Clarges Street and these transactions evidence occupiers’ continuing appetite to make long term commitments for the best buildings in London’s key financial and cultural districts.
“Securing 83 per cent occupancy at 7 Clarges Street, just four months after its launch in September, is testament to the design and quality of the workspace and the appeal of the location.”
7 Clarges Street encompasses six floors of flexible triple-aspect office space, with employees able to enjoy natural light through floor-to-ceiling windows. Located within a five-minute walk of Green Park station, 7 Clarges Street benefits from strong transport links across London, with Crossrail also due to arrive at nearby Bond Street in 2018.
7 Clarges Street is the office element of a wider mixed-use development by British Land which also includes Clarges Mayfair, a luxury residential address of 34 new homes on the edge of Green Park. Due for completion later this year, 23 apartments at Clarges Mayfair have now been sold, some at record-breaking values. The remaining 11 apartments will be marketed on completion of the development.
CBRE advised British Land on 7 Clarges Street. Simon Garfield Property advised Capula Investment Management, DeVono advised Quantum Pacific and Colliers advised Fortress.
Notes to Editors
About British Land
We are one of Europe’s largest publicly listed real estate companies. We own, manage, develop and finance a portfolio of high quality UK commercial property, focused on Retail and London Offices and Residential. We own or manage total assets of £19.0 billion (British Land share is £13.9 billion) as valued at 30 September 2016. Our properties are home to over 1,200 different organisations ranging from international brands to local start-ups.
Our strategy is to create Places People Prefer. It is based on long term trends and creates a portfolio suited to current and future needs which are aligned to modern lifestyles. We employ our placemaking skills, and increasingly our mixed-use expertise to expand the appeal to a broader range of occupiers and drive long term performance.
Retail accounts for 49% of our portfolio. We create outstanding places for modern consumer lifestyles, places to shop, eat and be entertained. Comprising over 20 million sq ft of Retail and Leisure space across regional and local multi-let destinations, superstores, department stores and leisure assets, the Retail portfolio is modern, flexible and adaptable to a wide range of formats.
Office and Residential accounts for 49% of our portfolio. It comprises 7.6 million sq ft of well-connected office-led campuses and ‘campus-lite’ clusters of high quality buildings. Office campuses include Regent’s Place and Paddington Central in the West End and Broadgate (50% share) in the City. Other assets include The Leadenhall Building, York House, 10 Portman Square and Marble Arch House and our residential assets are at Clarges Mayfair, The Hempel Collection and Aldgate Place.
Two per cent of our portfolio is at Canada Water – a 46 acre redevelopment opportunity in our medium term pipeline to create a new mixed-use urban centre for London.
Sustainability is embedded throughout our business. Our places become part of their local communities and promote health, improve productivity and increase enjoyment. We protect asset value and generate income from energy generation and efficiency, materials innovation and flood risk reduction, and develop skills and opportunities to help local people and businesses grow.
In April 2016 c received the Queen’s Award for Enterprise: Sustainable Development, the UK’s highest accolade for business success for economic, social and environmental benefits achievements over the last five years.
Further details can be found on the British Land website at www.britishland.com.
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Source: British Land