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.”
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