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Picton Property, the company formally known as ING UK Real Estate Income Trust, has been able to secure a massive letting of office space in London at the site of 50 Farringdon Road. The building has just recently undergone a major refurbishment, and now no less than 75 per cent of the revamped building – around 25,300 square feet of office space – has been successfully leased out to TheTrainline.com, which will use the address as its new headquarters.
TheTrainLine.com is the foremost rail ticket information provider and rail ticket retailer in the whole of the United Kingdom, and has signed a lease to occupy both the first and second floors of the building for no less than ten years at a cost of £33 per square foot, with an option for a rent increase review in 2016. The news means that the building will now be able to begin producing income within its first 12 months, giving a rental figure of £835,000 per year.
50 Farringdon Road is situated in what is regarded as a rapidly improving location within close proximity to a number of major transport links, including Farringdon’s future Crossrail Station, which is due for completion in 2018.
“Our company’s strategic focus is on delivering high quality income and a covered dividend,” says the chairman of Picton, Nicholas Thompson. “To have transformed Farringdon Road into an income producing property by securing a tenant so soon after completing a major refurbishment program is an endorsement of our strategic approach to asset management.”
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