UBM agrees 105,648 sq ft London offices deal at Blackfriars Road
Property Week publisher UBM has secured 105,648 sq ft of London offices from the Great Ropemaker Partnership (GRP), a joint venture between Ropemaker Properties and Great Portland Estates (GPE).

The premises at 240 Blackfriars Road, SE1, is set to deliver 237,000 sq ft of space once built, with completion expected in March 2014.

UBM has agreed to pre-let the top nine floors of the 20-storey building, which will not only comprise London offices, but also just under 9,000 sq ft of residential units and 4,822 sq ft of retail space.

Head of estate management at UBM Richard Bowers stated: "We look forward to occupying such a prominent and impressive landmark building, which we intend to fit out to a high standard to create a vibrant collaborative and productive environment, maintaining our long-term future to this location."

The organisation will pay £4,916,000 per year in rent, with a 15-year lease agreed for each floor. This means UBM has agreed to a typical £47 per sq ft for its new London offices.

In addition, UBM will enjoy 36 months rent-free, along with 39 months of not paying anything for the 11th floor.

GRP acquired 240 Blackfriars Road in 2008 - which lies at the junction with Southwark Street - for an initial consideration of £20.5 million following a December 2007 valuation of £27.5 million.

Portfolio director of GPE Neil Thompson commented: "240 Blackfriars Road will be a prominent, high-quality building of outstanding design which will help to continue the regeneration of this part of the Southbank."

GPE also enjoyed a successful December regarding its West End offices. Savills agreed to pre-let 64,142 sq ft of space at its 33 Margaret Street redevelopment, while the long leasehold interest at 28/29 Savile Row was sold to Allied London and Aerium Finance for £16.25 million.

Posted by Emma Davies

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