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Benchmark Group PLC (BMK)

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Tuesday 04 April, 2000

Benchmark Group PLC

Stirling Square Now Fully Let

Benchmark Group PLC
4 April 2000

               BENCHMARK'S STIRLING SQUARE
                            
                        FULLY LET

                                             3 April 2000
                            
Benchmark Group PLC ('Benchmark'), the specialist central
London   property  investment  and  development  company,
announces that it has completed the lettings of a further
3,243m  sq  (34,900  sq ft) of offices  at  its  prestige
office  development,  Stirling Square,  Carlton  Gardens,
London SW1.

The  third floor, comprising 1,335m sq (14,366 sq ft) and
ground  floor comprising 573m sq (6,170 sq ft) have  been
let  to  CIB Properties Limited, a subsidiary of Citibank
NA,  on  a  15  year lease without breaks at  a  rent  of
£1,377,938  p.a. (an average £67.10 per sq  ft),  with  5
year upwards only rent reviews.

The second floor, comprising 1,335m sq (14,366 sq ft) has
been let to Texas Pacific Group (Europe) Limited, on a 10
year  lease  without a break at a rent  of  £969,705  per
annum with a rent review at the fifth year.

These  lettings  mean that the office space  at  Stirling
Square  is  now entirely let and produces a  total  gross
rent roll of £5,900,146 p.a.

There are six residential apartments totalling 1,512m  sq
(16,270  sq  ft)  on  the  sixth and  seventh  floors  of
Stirling Square.  Three of the apartments totalling  784m
sq  (8,439 sq ft) have now been sold at a total  of  just
over  £10 million which equates to an average sales price
of £1,190 per sq ft.

Nigel Kempner, Chief Executive of Benchmark said: 'We are
absolutely delighted with the outcome of our development.
We  have  achieved lettings ahead of timetable  and  with
less   tenants'  incentives  than  expected.    We   have
attracted  a superb mix of top class tenants at excellent
rents.   The  result  fully  justifies  our  decision  to
develop  the  building speculatively and  then  take  the
early  decision to adopt a multi-let strategy.  I believe
that  this  policy enhances the value of the building  in
the  longer  term  through  diversity  of  risk  and  the
dynamism  of the property because of the different  lease
lengths and rentals achieved in the building.

'The residential is selling well at excellent prices  for
the  area  and  I  am confident that the remaining  three
flats will sell quickly in the current market.'

For further information, please contact:

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



                                                                                                                                  

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