LONDON (ShareCast) - (ShareCast News) - Property investment company Picton announced on Tuesday that it has secured its first new occupier at 50 Farringdon Road in Clerkenwell, EC1.
The London-listed firm said it has let 7,800 sq ft of office space to the leading multidisciplinary engineering contractor Volker Wessels.

They will occupy the larger wing of the first floor on a ten year lease, subject to break, at an annual rent of £0.42m, in line with ERV.

The second floor and one small suite on the first floor remain available to let, and Picton's board said there is good interest.

It described the property as being a short walk from Farringdon station, and with Crossrail due to open in 2019, it added that the connectivity of the location will further improve.

Picton said it has implemented a strategy to meet occupational demand by subdividing the space whilst retaining the previous high quality fit out, saving significant capital expenditure.

On a pro rata basis the new rent is over 60% higher than the previous rent.

"This letting confirms our strategy to provide a 'plug and play' solution is attractive to occupiers," said chief executive Michael Morris.

"It is also encouraging that we have good interest in the remaining space."

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