Leading UK train ticket retailer and information provider The Trainline.com has announced a deal that will see them take up new London office space.
The firm will let 25,300 sq ft of the property at 50 Farringdon Road; which will host 75 per cent of the company’s new London Headquarters.
The Trainline.com has agreed a 10-year lease for the first and second floors of the building â€“ at a rate of Â£33 per sq ft.
Also included in the deal is an upward only rent review or tenant break clause to come into effect in 2016.
The building has undergone a major refurbishment and this deal will see that it produces an annual rental income of Â£835,000.
Chairman of Picton Property, Nicholas Thompson spoke of the closed end property investment firm’s desire to find a tenant for the remainder of the Farringdon Road building’s office space.
He commented: “We are confident of securing a tenant for the remaining 7,000 sq ft and believe this asset will provide further opportunity for income growth with significant infrastructure improvements being undertaken in the immediate vicinity.”
News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office space