A warm reception for Freesat in Fitzrovia
Our client Great Portland Estates completed their mixed use residential and commercial development at 24 Newman Street toward the end of last year and we were appointed to lease the self contained office unit over the ground and lower ground floors. We had successfully leased similar style of space for Derwent London elsewhere in Fitzrovia and in view of the demand we were able to generate, felt motivated to replicate another swift letting.
The unit measuring just under 5,000 sq ft had full height window frontage, air conditioning, fully accessible raised floors and bundles of natural light. Having carried out a reactive marketing campaign, contacting agents and tenants with known enquiries for this nature of space, we managed to secure three separate proposals and ultimately agreed terms with Freesat, a joint venture between the BBC and ITV.
We were quoting a rent of £185,000 and agreed asking terms and effected a pre-let of the space prior to any formal marketing campaign. This letting is significant due to the rental tone of £53.00 per sq ft on’ best’ and as it welcomes another high profile tenant to the Estate.
We continue to be active in Fitzrovia having just been instructed to advise Derwent London on a new 110,000 sq ft scheme on TCR/Howland Street and on further suites for GPE on Great Portland Street.
If you wish for further information on this transaction or any of the forthcoming stock we are advising on, please call Ash Sharma, Richard Williams or Ben Lansman in the Office Agency team