10 January 2017
PICTON PROPERTY
INCOME LIMITED
(“Picton”, the “Company” or the “Group”)
PICTON SECURES
FIRST NEW OCCUPIER AT 50 FARRINGDON ROAD, LONDON, EC1
Picton (LSE:PCTN), the property investment company, announces
that it has secured its first new occupier at 50 Farringdon Road in
Clerkenwell, EC1.
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 £0.42 million, in line with ERV.
The second floor and one small suite on the first floor remain
available to let and there is good interest. The property is
situated a short walk from Farringdon station and with Crossrail
due to open in 2019, the connectivity of this location will further
improve.
Picton 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.
Michael Morris, Chief
Executive of Picton Capital Limited, commented: “This letting
confirms our strategy to provide a ‘plug and play’ solution is
attractive to occupiers. It is also encouraging that we have good
interest in the remaining space.”
ENDS
For further information:
Tavistock
Jeremy Carey/James Verstringhe, 020 7920 3150,
jverstringhe@tavistock.co.uk
Picton Capital Limited
Michael Morris, 020 7011 9980,
michael.morris@picton.co.uk
Note to Editors
Picton is an income focused property investment company listed on
the London Stock Exchange. Picton can invest both directly and
indirectly in commercial property across the United Kingdom.
With Net Assets of £423.9 million at 30
September 2016, the Company´s objective is to provide
shareholders with an attractive level of income, together with the
potential for capital growth by investing in the principal
commercial property sectors. www.picton.co.uk