Jones Lang Wootton - Offices - London EC2, 28 Austin Friars

Date: 11 Aug 1998

The Drapers' Company (Property Holdings) Ltd has recently completed the disposal of a leasehold interest in 28 Austin Friars, London EC2 to Ocean Rise Limited.

Ocean Rise will undertake a comprehensive refurbishment of the existing building which comprises approximately 604.7 sq m (6,508 sq ft) of office and ancillary accommodation and is currently vacant, to provide high quality office accommodation available to let early in 1999.

The Drapers granted a new 125 year leasehold interest at a rent based upon 5% of rental income and received a premium in the region of £1.185 million from Ocean Rise Limited.

Jones Lang Wootton acted for the freeholder and FPD Savills acted for Ocean Rise Limited.

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