Our pre-letting of all the office space at Rathbone Square, W1 represents one of the largest ever office lettings in the West End and continues the successful de-risking of our largest ever development scheme.
Creating spaces which meet occupier needs
Having already forward sold the majority of the residential units at our 419,700 sq ft mixed-use development scheme, we pre-let 242,800 sq ft of office space to Facebook in September 2015. Facebook will occupy the entirety of the office building, known as One Rathbone Square, W1 on a 15 year term without break from practical completion and will pay an annual rent of £17.8 million.
This equates to an average rent of £73.35 per sq ft on all the space or £82.90 on the above ground floors. In addition, Facebook retain a right of first offer on the 55,700 sq ft of office space at our adjoining development at Oxford House, W1.
Following this pre-letting, 92% by value of the scheme has either been pre-let or pre-sold, and we recently commenced the marketing of the 24,200 sq ft of retail space which sits around a new public garden square. The construction works are progressing well with the scheme due for completion in spring 2017 and expected to deliver a profit on cost of 24.8%.