Derwent London rents to Burberry

23rd Feb 2012 14:27

Property firm Derwent London has pre-let the entire space of a location in southwest London to luxury brand Burberry. Burberry will pay a rent of £5.3m per annum at the 11-floor building at 1 Page Street, comprised of £50 per sq ft (£540 per m2) on the top three floors and £45 per sq ft (£485 per m2) on a typical mid-level floor. The lease is for a 20-year term with a tenant-only break option in year 10, rent reviews every five years and a rent-free period equivalent to 22 months. The first rent review will be subject to a minimum uplift to £5.7m per annum.The share price fell 0.58% to 1,714.00p by 14:31. NR