Information  X 
Enter a valid email address

Benchmark Group PLC (BMK)


Tuesday 14 December, 1999

Benchmark Group PLC

New Lettings Maintain Record Rents

Benchmark Group PLC
14 December 1999

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

For further information, please contact:

Nigel Kempner                  Jeremy Carey / Karen Roberts
Benchmark Group plc            Tavistock Communications
Tel:  020 7287 6881            Tel:  020 7600 2288


a d v e r t i s e m e n t