Land Securities announced on Friday that it has agreed the forward sale of Building 1, Bankside to IPC Magazine Group Ltd for the use of Time Warner’s London based magazine and book publishing operations.
The 46,350 m² (499,000 ft²) building is part of the 85,000 m² (915,000 ft²) Bankside 123 mixed-use development scheme on London’s South Bank. Land Securities will lease back the 3,500 m² (38,000 ft²) retail and leisure elements of the building. IPC Magazine Group Ltd has an option to buy back this element once it has been let by Land Securities.
Francis Salway, Chief Operating Officer of Land Securities, said: “Land Securities is delighted to be able to start this significant development programme in Southwark by meeting the needs of IPC Media, a key local occupier, in what is one of the largest occupational transactions across the Central London market.”
Sylvia Auton, Chief Executive of IPC Media said: “It’s great that we’ll be working with Land Securities on this prestigious project. We’re looking forward to taking delivery of a first class office building which will provide a quality working environment for IPC Media and our staff for years to come.”
Bovis Lend Lease has been contracted by Land Securities to build the property which will be handed over to IPC Media for fit-out in Spring 2006.
Land Securities were advised by CBRE. FPD Savills represented IPC Media.
Source: Land Securities