NEWS ARCHIVE

CENTRE POINT ATTRACTS MAJOR INTERNATIONAL OCCUPIERS | 05/04/07

Targetfollow Group, the owners of London’s iconic Centre Point, have announced three major lettings involving four complete floors. The contracts mark a significant step towards the 32-storey office tower being fully let for the first time in its 40-year history.
The UK arm of the international entertainment organisation, William Morris Agency have taken a 10 year lease on the 22nd and 23rd floors, totalling more than 9,000 sq ft; and Active International, the world’s largest corporate trading company, have taken a 10 year lease on the 19th floor (4,590 sq ft).
Cool Magazine, a buyers’ guide distributed to readers of Emap magazines, including such titles as Heat, FHM, Closer and Grazia, have taken a lease on the 17th floor (4,590 sq ft) from Targetfollow’s serviced office subsidiary, Targetspace. This brings the total amount of serviced office space let within the tower to more than 18,000 sq ft.
In addition, Targetfollow confirmed that contracts for another letting, comprising an entire floor, were due to exchange “within weeks” while plans by leading restaurateur Pierre Condou to open an exclusive private members’ club and upmarket restaurant on the top two floors were well advanced.
Ian Fox, Targetfollow’s Executive Director of Property, said: “We acquired Centre Point with the explicit intention of realising its true commercial potential by undertaking a substantial refurbishment programme to revitalise the tower.
“We have delivered on our promises to introduce life-style uses with a café and new conference facilities, carried out extensive refurbishment and rebranded the building as a sought after business environment of the 21st century.
“These lettings demonstrate that the revitalised tower can attract international businesses that are seeking prestigious West End locations that also offer unrivalled, panoramic views.
“During the past 15 months we have achieved an almost 40% increase in rental levels with new tenants paying £45 psf and we are confident that this will rise to £55 psf as more refurbished floors come on stream over the next three to six months.”
Since Targetfollow acquired Centre Point in November 2005, it has invested £7 million on a comprehensive programme of refurbishment and earmarked a further £10 million over the next couple of years.