Derwent London has pre-let the top two floors at The White Chapel Building E1 to Government Digital Service. The initial rent is £2.8m pa or £52 per sq ft, and is above June 2016 ERV. GDS will be taking 54,700 sq ft on a ten-year lease with a break in year five. The rent free period is eight months rising to 18 months if no breaks are exercised. In July the Group announced the first pre-lettings of phase 1 and it is now 75% pre-let with rents totalling £6.8m pa. Over 80% of these lettings have been signed since the EU referendum. GDS will be joining Perkins+Will, Reddie & Grose, Shipowners' Club and Unruly Media in what is becoming a vibrant new addition to Whitechapel's regeneration. The White Chapel Building was acquired by Derwent London with vacant possession in December 2015 and Phase 1 of the refurbishment is due for completion in Q4 2016. This phase totals 185,000 sq ft of offices, a new 7,000 sq ft atrium lobby with an independent café, and an external terrace. Phase 2 will comprise predominantly the lower ground floors representing another 85,000 sq ft where work could start in 2017. The Government has reaffirmed its commitment to GDS and the work they are doing to support transformation across departments. The GDS team will be moving to modern and expanded offices to create a new digital hub ideally situated close to the tech cluster of East London.
-21.00p (-0.84%)delayed 18:15PM