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Dron & Wright have been acting for LFEPA throughout this year, in their search for a single headquarters building in London.
Very recently, contracts were exchanged for the assignment of the leasehold interest in 169 Union Street, SE1 from Sainsbury’s to LFEPA. The building comprises approximately 120,000 square feet (11,150 square metres) of offices and ancillary accommodation, arranged on basement, ground and three upper floors. The lease is for a term expiring in December 2015, at a rent of £3,000,000 per annum exclusive (circa £25 per square foot overall). The assignment will be completed at the end of February 2006, when Sainsbury’s will provide full vacant possession of the building to LFEPA.
The assignment is one of the biggest leasing transactions in Southwark over the last four years.
Dron & Wright represented LFEPA throughout the acquisition process, from the initial searches for suitable premises, to negotiating the detailed financial and other terms for the assignment.
For further information, contact Steve Dark. |
