Regent’s Place pre-let for British Land, and planning for Derwent London
British Land has agreed to pre-let 145,000 sq ft of office space at its Regent’s Place development in NW1. In a statement to the London Stock Exchange this morning the company said the pre-let to Debenhams was at 10 Brock Street, a new office building being developed as part of its Regent’s Place estate.
The Brock Street building, designed by Wilkinson Eyre, is part of British Land’s development of the North East Quadrant of Regent’s Place. This will comprise a total of 340,000 sq ft of offices, 40,000 sq ft of retail and community space, and 120,000 sq ft of residential property. In total, the Regent’s Place estate will comprise around 2m sq ft of office, retail and residential space.
Once completed in summer 2013, Debenhams will be occupying about 40% of the Brock Street building – the ground to fourth floors – for a term of 25 years without a break. British Land said the letting would underpin investment value and leave it with the opportunity to attract premium rents on the higher floors of the building nearer completion.
Meanwhile, Derwent London announced today that it has received planning permission for its mixed-use development at 80 Charlotte Street in Fitzrovia, W1. The redevelopment will involve the part-refurbishment of the existing office buildings on the site and part new-build, to create 336,000 sq ft of office space, residential property and retail premises at the Charlotte Street address, plus a further 31,000 sq ft of residential property at nearby 65 Whitfield Street and 1-8 Whitfield Place.
The scheme has been designed by Make architects. The offices on the site are currently let to Saatchi & Saatchi until March 2013. Derwent says capital expenditure on the project is expected to be about £125m, with delivery due towards the end of 2015.