Derwent London has pre-let the lower ground floors and a new office pavilion at The White Chapel Building to Fotografiska.
Fotografiska runs the world renowned photography museum in Stockholm and will use the space for Fotografiska – The London Museum of Photography. This is their first gallery outside Stockholm and will add another important cultural and leisure hub to the fast improving Whitechapel area.
The initial rent is £2.4m per annum or £27 per sq ft. Fotografiska will occupy the whole of Phase 2 comprising 89,000 sq ft on a 15-year lease with five-year rent reviews based on annual RPI increases with a cap and floor, and with a break in year 12. The rent free period is equivalent to 30 months on a 12-year lease, rising to 36 months on a 15-year term. Completion of Phase 2 is expected in H2 2018.
John Burns, Chief Executive Officer of Derwent London, said:
“We are very excited to welcome Fotografiska - The London Museum of Photography to The White Chapel Building. We believe their arrival will be a major benefit to the area and Fotografiska’s character endorses the Group’s focus on good design. This pre-let means that we will have successfully let the entire property.”
Tommy Rönngren, Founding partner and Chairman of the Board of Fotografiska London, commented:
“Derwent is a developer with great creative vision and we chose to work with them because of the combination of the building itself and the creative heritage of Derwent. Fotografiska has for a long time been searching for suitable facilities in London, one of the world's most dynamic cities when it comes to photography. Whitechapel, which is one of London's most dynamic areas, will be a perfect location. It will be really exciting to bring the concept of Fotografiska to London.”
11/08/2017 07:11 by Buildington
Phase 1 of The White Chapel Building E1 is now 93% let with the remaining space under offer.
Source: Derwent London Q1 2017 Business Update 11.05.2017
15/05/2017 12:46 by Buildington
Derwent London has pre-let the top two floors at The White Chapel Building to Government Digital Service (“GDS”).
The initial rent is £2.8m pa or £52 per sq ft, and is above June 2016 ERV. GDS is taking 54,700 sq ft on a 10-year lease with a break in year five. The rent free period is 8 months rising to 18 months if no breaks are exercised.In
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.
Ben Gummer, Minister for the Cabinet Office and Paymaster General, said:
“After visiting the GDS team myself in recent weeks it is even more important to me that the brilliant people that work there get a brilliant place in which to work. With more money and improved offices, GDS can accelerate their efforts to transform and improve public services right across the UK.”
John Burns, Chief Executive Officer of Derwent London, commented:
“The arrival of GDS is another great addition to The White Chapel Building which now hosts an exciting mix of occupiers across the tech and professional services sector. The spread of activities and commitment endorses our strategy of creating a mid-market rental product in this significantly improved area on the eastern side of the City and the Tech Belt.”
Derwent London’s agents were Cushman & Wakefield, BNP Paribas Real Estate and Colliers International.
04/10/2016 10:56 by Buildington
Derwent London has pre-let 84,600 sq ft in four office transactions at The White Chapel Building, representing 46% of Phase 1.
The refurbishment totalling 185,000 sq ft has attracted a range of businesses including media, professional services and shipping. The rent is £4.0m pa, 8% above December 2015 ERV with c.70% signed since the EU referendum. All are on ten-year leases, with 59% subject to a five year break and half subject to minimum rental uplifts on first review. The average rent free period is 8 months for the two leases where there are tenant breaks, rising to 17 months if no breaks are exercised.
The 8-storey White Chapel Building was acquired with vacant possession in December 2015 and the refurbishment of Phase 1 is due for completion in Q4. The majority of the remaining available space consists of the top three floors.
The building will include a new 7,000 sq ft reception area with an independent café, and an external terrace. Phase 2 will comprise predominantly the lower ground floors representing another c.85,000 sq ft of space where work could start in 2017.
John Burns, Chief Executive Officer of Derwent London, commented:
“We are very pleased to introduce four new occupiers to our portfolio, three of which signed leases after the EU referendum. Their broad spread of activities and commitment is an endorsement of our strategy of creating a mid-market rental product in this significantly improved area on the eastern side of the City and the Tech Belt.”
Derwent London’s letting agents on The White Chapel Building are BNP Paribas, Colliers and Cushman & Wakefield.
19/07/2016 17:12 by Buildington
Derwent London has bought Aldgate Union.
Aldgate Union is situated on a one acre site and comprises an 8-storey office building totalling 255,000 sq ft over ground, seven upper floors and two lower ground floors.
The property has generous floor to ceiling heights, good natural light and excellent transport connections as well as column free floor plates of c.26,500 sq ft around a central atrium.
The building is located directly opposite Aldgate East underground station and close to Liverpool Street and Whitechapel Crossrail stations.
The property is currently occupied by RBS and was comprehensively refurbished in 2008.
John Burns, Chief Executive Officer, commented:
“We are delighted to have acquired a prominent property in this fast improving Whitechapel location which increases our Tech Belt holdings to 2.4 million sq ft. Although soon to be vacant the building is in good condition and we expect to quickly re-let it on a multi-occupier basis after modest refurbishment. As with most of our recent purchases this property offers significant longer term regeneration opportunities and adds to our future development pipeline.”
23/07/2015 21:55 by Buildington
The Royal Bank of Scotland is close to putting 10 Whitechapel Street in Aldgate up for sale, reports City A.M.
The bank is said to have appointed agents at DTZ to sell Aldgate Union on Whitechapel High Street, with offers expected to start at around £90m, City A.M. understands.
Source: City A.M. www.cityam.com 28.11.2014
28/11/2014 10:57 by Buildington