British Land seals deal for £200m office revamp

Purvai Dua

Source: @Photoshot

One of the largest pre-lets in the West End in over 20 years

The UK’s second largest property company, British Land, announced plans of redeveloping a new London office building after securing the largest letting in the capital’s West End in more than twenty years.

The redevelopment of One Triton Square is set to begin in March 2018 after the company signed a deal with media brand Dentsu Aegis to take 310,000 sq ft of the office space when it is finished.

Tim Roberts, head of offices at British Land, confirmed the development saying: “I am delighted that we have agreed one of the largest pre-lets in the West End in over 20 years with Dentsu Aegis demonstrating the strength of demand for high quality, well-located space.”

“This enables us to commit to our redevelopment at 1 Triton Square, which marks the next phase in the evolution of Regent’s Place,” Roberts added.

Shares in the firm were up by 2.6 per cent today.

“People are making long term decisions and so they are looking way beyond Brexit to where they want to have a major part of their business, and London still has a lot of attraction to them,” Chris Grigg, British Land’s chief executive, said.

The FTSE 100 company had sold its 50 per cent stake in London’s “Cheesegrater” earlier this year for £575m as part of the sale of the whole building to Chinese buyers.

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