Derwent London secures £9.7m pre-let deal for Soho development

Derwent London on Tuesday pre-let the top six floors of 1 Soho Place W1 to G-Research, with the research and software development company committing to a 15-year lease at a rent of £9.7m per annum, with five-year rent reviews.

Located near Tottenham Court Road, the 102,600 sq ft of offices set to be rented by G Research represents 53% of the office space in this building, or 42% of the commercial space in the entire development including 2 Soho Place.

John Burns, chief executive of Derwent London, said: "We are delighted to have secured our first major pre-let at Soho Place at such an early stage to a growing leading-edge business. The pre-letting reflects the quality of our product, the site's attractions and London's continuing appeal. Adding this transaction to our successes at Brunel Building W2 and 80 Charlotte Street W1 takes our current pre-let space to over 650,000 sq ft representing £48m of additional rental income."

Completion of the development is not expected until the first half of 2022, with works having recently started on the site following the signing of the main £195m construction contract with Laing O'Rourke.

Derwent London's shares were down 0.19% at 3,166.00p at 0856 BST.