Schroder UK Real Estate Fund (SREF) has completed two new lettings at 12 Appold Street. OPD Group and Dartmouth Partners have taken leases totalling nearly 5,500 sq ft at 12 Appold Street, EC2A.
The lettings were secured ahead of completion of a comprehensive refurbishment of the accommodation and have set a new headline rent in the building of £62.50 per sq ft from the previous level of £35 per sq ft. The letting activity reflects the developing nature of the location with a number of new TMT related tenants including Amazon’s new European HQ, moving into the surrounding area of Shoreditch.
OPD Group has taken 2,000 sq ft on the ground floor on a new five year lease, while Dartmouth Partners has secured 3,457 sq ft on the fifth floor for a ten year term. Collectively the deals mean the building is now fully let.
James Lass, Fund Manager for SREF, said:
“These lettings are a validation of our strategy to invest in our existing portfolio to provide high quality space in undersupplied markets. 12 Appold Street sits in a location that is now a focal point for the intersection of the large corporate tenants in the City of London and the TMT tenants in Shoreditch, attracting businesses like Amazon which is due to open its headquarters at nearby Principal Place.”
James Andrews International and A&O acted for Schroder UK Real Estate Fund. OPD Group were represented by Wiltshire Daniels and Ingleby Trice advised Dartmouth Partners.
