Benchmark Group PLC
08 October 2002
LARGEST SOHO OFFICE LETTING IN 2002
BENCHMARK LETS THREE FLOORS OF MEDIUS IN SOHO
Benchmark Group PLC ('Benchmark'), the central London property investment and
development company, announces that it has let 2,869 sq m (30,885 sq ft) of
offices on lower ground (353 sq m; 3,800 sq. ft.), second and third floors
(2,516 sq m; 27,085 sq ft) at Medius, a joint development with The Crown Estate
at 2 Sheraton Street in the heart of Soho to Cinesite (Europe) Limited ('
Cinesite') at a rent of £1,286,000 per annum, guaranteed by Kodak Limited.
The lease is for a term of fifteen years incorporating five yearly upward only
rent reviews and a tenant's option to break the lease at the tenth year and
contains tenant's full repairing and insuring covenants. The tenant has received
a rent free period of 18 months from 4th October 2002.
Cinesite, a wholly owned subsidiary of Kodak Limited, is a well-known major
visual effects company for the film industry, currently working on feature films
such as Harry Potter II, Tomb Raider II and Die Another Day, the latest James
Bond film.
The remaining accommodation totalling 1,858 sq m (20,000 sq ft) on ground and
first floors are available at a quoting rent of £49.50 per sq ft.
Nigel Kempner, Chief Executive of Benchmark, said: 'We are delighted to have
achieved this significant letting in our portfolio to a company with a first
class covenant. This supports my view that, if modern landlord controlled space
is available in the West End, there are potential tenants in the market and we
are cautiously optimistic about future levels of demand from both occupiers and
investors over the next few years in the West End'.
For further information:
Benchmark Group PLC Tavistock Communications
Nigel Kempner Jeremy Carey
Tel: 020 7659 0500 Tel: 020 7600 2288
www.benchmark-group.com Mdover@tavistock.co.uk
www.benchmarkdirect.com
Cinesite (Europe) Ltd
Helen Arnold
Tel: 020 7973 4000
This information is provided by RNS
The company news service from the London Stock Exchange XGGGDR
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.