The Great Ropemaker Partnership (“GRP”) a 50:50 joint venture between Great Portland Estates plc (“GPE”) and Ropemaker Properties, the property nominee of the BP Pension Fund, announces that it has pre-let 105,648 sq. ft. to UBM plc in its development at 240 Blackfriars Road, London SE1.
Demolition works on the site have been completed and GRP will commence construction this month with practical completion scheduled for March 2014. The 237,000 sq. ft. development will provide 223,383 sq. ft. of offices, 4,822 sq. ft. of retail space and 8,795 sq.ft. of residential in ten private apartments in an adjacent building.
UBM plc, the global live media and B2B communications business and owner of Property Week, will occupy the top nine floors in the 20 storey office building with 2,196 sq.ft. of ancillary space on the ground and basement levels. UBM plc will take a fifteen year lease for each floor paying a total of £4,916,000 per annum, equating to an average of £47 per square foot for the office space. GRP will deliver the space in shell condition only passing to UBM a contribution to fit out the space to category A (developers' specification) of £6 million. UBM will receive 36 months rent free from lease commencement, with 39 months rent free on the eleventh floor only.