NEWS ARCHIVE

CENTRE POINT RENTS APPROACH £50 PSF WITH LATEST LETTING | 20/06/07

Targetfollow Group, the owners of Centre Point, has announced another significant letting at the 32-storey iconic office tower that dominates London’s West End skyline.

Advanced Power (UK) Ltd, a pan-European developer of independent large-scale power plants, has taken a 10-year lease on the 21st floor, which comprises 4,590 sq ft, at an annual rent of £48.50 per sq ft.

It is the fourth major letting at Centre Point in two months and Targetfollow confirmed that they were in advanced negotiations with a potential tenant for the 20th floor, which is the last remaining refurbished space in the current phase.

Ian Fox, Targetfollow’s Executive Director of Property, said: “We have been tremendously encouraged by the level of interest in the refurbished floors and we are pushing ahead with phase three, which will give us four new floors - including the 28th and 30th - by late summer.”

He added that with anticipated tenant movement, a further four or five floors should become vacant and will be upgraded and available for letting by the end of the year.

“With a property of this nature there is always movement but we are now virtually full in terms of
availability of new refurbished space and given demand we anticipate achieving our goal of rent levels in the mid-£50s by the end of the year.”

Angela Kallabis, Project Co-ordinator with Advanced Power (UK) Ltd, said: “The standard and infrastructure available in the building for the tenants - like the conferencing centre and the stunning views in this landmark building - have contributed to our decision to take up space in Centre Point.”

Advanced Power (UK) Ltd joins an ever-growing list of new occupiers, including the international entertainment organisation, William Morris Agency; Active International, the world’s largest corporate trading company; and Cool Magazine, an EMAP buyers’ guide.

Plans to open a members’ exclusive club and upmarket restaurant on the top two floors by leading restaurateur Pierre Condou are also well advanced.

Since it acquired Centre Point in 2005 for £85 million, Targetfollow has invested £7 million on a comprehensive refurbishment programme and has earmarked a further £10 million over the next couple of years.