Benchmark Group PLC
14 December 1999
NEW LETTINGS MAINTAIN RECORD RENTS AT
BENCHMARK'S STIRLING SQUARE
Benchmark Group PLC ('Benchmark'), the specialist central
London property investment and development company, announces
that it has completed the lettings of a further 4,564 sq m
(49,130 sq ft) at its prestige office development, Stirling
Square, Carlton Gardens, London SW1.
BAE SYSTEMS have taken offices on the whole of the lower
ground 1,403 sq m (15,097 sq ft), part ground 577 sq m (6,210 sq
ft) and the whole of the first floor 1,294 sq m (13,931 sq ft),
on a 20 year lease with five yearly rent reviews with no break
clauses at an overall rental equivalent of £55 per sq ft.
There is a nine month rent free period.
The fifth floor was pre-let to KKR & Co. Ltd in the Spring of
this year at a rent of £65 per sq ft on a 20 year lease term.
In addition, KKR & Co. Ltd have just taken the fourth floor,
comprising 13,931 sq ft on a new 20 year lease with 5 year
rent reviews and no break clause on similar terms.
Stirling Square, completed on time and launched on 22
September this year has been developed by Benchmark in
conjunction with the Crown Estate. It comprises 8,825 sq m
(95,000 sq ft) of offices on seven levels, with six luxurious
apartments totalling 1,512 sq m (16,270 sq ft) on the sixth and
seventh floors. Located on an island site just off Pall Mall
with natural light on all four sides, the building has one of
the highest specifications in the West End.
One of the apartments is currently under offer and the
remaining apartments will be marketed in January.
Nigel Kempner, Chief Executive of Benchmark said: 'The
quality of tenants, the speed in which these letting have been
completed and the rents achieved are a tremendous endorsement
of our confidence in the excellence of Stirling Square both in
terms of location and specification and its ability to attract
major occupiers at the best rents. We have only two and a
half floors remaining to let and we would anticipate strong
interest in this space early in the New Year.
'In the West End we have always had a preference for letting
in floors and smaller suites than whole buildings to single
tenants, in order to provide better long term growth and
greater dynamism of management We are creating this at
Stirling Square.'
Benchmark's joint letting agents for Stirling Square are DTZ
Debenham Thorpe and Healey & Baker.
BAE SYSTEMS were represented by Edward Charles & Partners and
KKR were represented by James Boardman & Partners.
Knight Frank and Wetherell & Co are agents for the residential
accommodation.
For further information, please contact:
Nigel Kempner Jeremy Carey / Karen Roberts
Benchmark Group plc Tavistock Communications
Tel: 020 7287 6881 Tel: 020 7600 2288