INDUSTRY NEWS

Bridgepoint and GPE Agree Pre-Let for London Office Space

International private equity group Bridgepoint Advisers has pre-let 29,447 square feet (sq ft) of London office space from Great Portland Estates (GPE).

The offices are currently under construction. When completed, the building – at 95 Wigmore Street – will provide 82,300 sq ft of offices, along with 12,500 sq ft of residential space. It will also contain seven retail units, comprising a total of 17,900 sq ft.

Bridgepoint will occupy floors five to seven, and pay £2.6m per annum in rent – an average of £90.40 for each square foot of space. The firm will take a 15-year lease.

Most of the office space in the building has now been let out. Only one office floor – 12,890 sq ft – remains free, after GPE leased out 40,000 sq ft to Lane Clark & Peacock (LCP) in November last year.

LCP will occupy the first, second and third floors, paying £3.1m per annum. This equates to an average of £77.50 per sq ft of space.

GPE’s portfolio director, Neil Thompson said: “Occupiers such as Bridgepoint and Lane Clark & Peacock strongly endorse 95 Wigmore Street as a high-quality West End development and we have good interest in the remaining office, retail and residential space.”

The development has been undertaken by the Great Wigmore Partnership – a 50:50 venture between GPE and Scottish Widows Investment Partnership.

Construction work on the building is due to be completed next July.

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