Taylor Woodrow Property - Retail Letting - London EC3, Eastcheap

Date: 05 Oct 2000

Taylor Woodrow Property Company has fully let the retail units totalling 1,180 sq m (12,700 sq ft) at its office and retail scheme in Eastcheap, London EC3, at Zone A rents of up to £1,750 per sq m (£162.50 per sq ft).

The final 295 sq m (3,170 sq ft) unit has been let to The Eye Clinic on a lease of 15 years with a six month rent free period at a rent of £150,000 per annum.

The first 304 sq m (3,272 sq ft) unit was let to Hackett in September 1999 on a 25 year lease and the two remaining units were let this year to Greggs Plc and Superdrug Stores Plc, both on 20 year leases.

Ian Duncan at Taylor Woodrow Property Company said: "The retail rent for this location before this scheme came onto the market was around £1,076 per sq m (£100 per sq ft) Zone A and we have achieved rents of £1,750 per sq m (£162 per sq ft), demonstrating the strength of the market.

"Eastcheap is becoming a more established retail pitch and the scheme has set new rent levels for future schemes."

The office element of the scheme comprises 3,125 sq m (33,600 sq ft) over five floors and is due for completion in November 2000.

Agents for the scheme are Jones Lang Lasalle and Lambert Smith Hampton. The Eye Clinic was advised by Gooch Webster, Greggs Plc by Stephen Kane & Co and Superdrug Stores Plc by Dalgleish & Co

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