Estates Gazette Interactive reports that Derwent Valley and PruPIM have prelet their Telstar development in Paddington, W2, to mineral and metals company Rio Tinto for its new European headquarters.
Rio Tinto signed a 20 year lease on the entire 107,000 sf building at a rent of £4,954,000 per annum, with a 21 month rent free period. The development is due to complete in July 2007 at a cost of approximately £23m.
Derwent Valley is the development manager having sold the site to PruPIM for its Prudential Life Fund upon planning consent. The agreement with PruPIM reportedly includes a profit sharing arrangement determined by final cost of the building and its market value on completion.
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Saturday, July 01, 2006
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