Schroder Real Estate is pleased to announce a letting to Hampshire Trust Bank of 21,000 sq ft at 55 Bishopsgate, a prime office building in the City of London.
Hampshire Trust Bank has taken a ten year lease of the first floor at a rent equating to £61.00 per sq. ft.
Clients of Schroder Real Estate acquired 55 Bishopsgate in December 2015 with a strategy to refurbish and reposition the building ahead of lease expiries in early 2016. The building is now fully let, with the first letting having been announced in April 2016. Since then, three other letting have been announced – Towergate Underwriting, Boots and Fitness First – totalling 63,000 sq. ft.
The latest letting has increased the contracted rental income by £3.3 million, or 48%, in the past four months and the increased the average lease term to 7.4 years. Work is currently taking place to create a new contemporary reception and enhanced tenant amenities including new showers and cycling facilities.
Jourdan Rajwan, Investment Manager, Schroder Real Estate, commented: “We are delighted to welcome Hampshire Trust Bank to the building and to have fully let the vacant space within five months of the leases expiring. We now have a n exciting and diverse mix of tenants at 55 Bishopsgate. The speed and level of the lettings are testament to the prime location, and quality of the refurbishment.”
CBRE, GM Real Estate, Strutt & Parker, BC Retail and KWM acted for Schroders.