Benchmark - Offices Letting - London SW1, Stirling Square

Date: 05 Apr 2000

Benchmark Group PLC ("Benchmark"), the specialist central London property investment and development company, announces that it has completed the lettings of a further 3,243 sqm (34,900 sqft) of offices at its prestige office development, Stirling Square, Carlton Gardens, London SWI

The third floor, comprising 1,335 sqm (14,366 sqft) and ground floor comprising 573 sqm (6,170 sqft) have been let to CIB Properties Limited, a subsidiary of Citibank NA, on a 15 year lease without breaks at a rent of £1,377,938 p.a. (an average £67.10 per sqft), with 5 year upwards only rent reviews.

The second floor, comprising 1,335 sqm (14,366 sqft) has been let to Texas Pacific Group (Europe) Limited, on a 10 year lease without a break at a rent of £969,705 per annum with a rent review at the fifth year.

These lettings mean that the office space at Stirling Square is now entirely let and produces a total gross rent roll of £5,900,146 p.a.

There are six residential apartments totalling 1, 512 sqm (16,270 sqft) on the sixth and seventh floors of Stirling Square. Three of the apartments totalling 784 sqm (8,439 sqft) have now been sold at a total of just over £10 million which equates to an average sales price of £1,190 per sqft.

Nigel Kempner, Chief Executive of Benchmark said: "We are absolutely delighted with the outcome of our development. We have achieved lettings ahead of timetable and with less tenants' incentives than expected. We have attracted a superb mix of top class tenants at excellent rents. The result fully justifies our decision to develop the building speculatively and then take the early decision to adopt a multi-let strategy. I believe that this policy enhances the value of the building in the longer term through diversity of risk and the dynamism of the property because of the different lease lengths and rentals achieved in the building.

"The residential is selling well at excellent prices for the area and I am confident that the remaining three flats will sell quickly in the current market."

Where do I go now?: » View the latest news items » View the news archive » Subscribe to Weekly Property Newsletter » Submit news