Threadneedle Property Investments has acquired three new tenants for 85 Newman Street: Warc Ltd, Phil McIntyre Entertainments Ltd, and Pleasurerealm Ltd. In all, the lettings at the West End property will bring in £258,000 per year.
Warc have signed for 4,400 square feet of office space, taking the lower ground and ground floors on a five-year contract. Phil McIntyre have taken 1,900 square feet on the third floor, on a ten year lease. Finally, Pleasurerealm has taken 1,500 square feet on the fifth floor, on a five-year term.
In recent months the firm has gradually been reducing its cash balance in favour of high-yielding assets in the capital to take advantage of the recovery, mainly in the second tier of the market. Despite this, Threadneedle’s CEO recently warned that the enormous amount of money targeting London’s commercial property market could lead to problems in the future.