Picton secures major letting at newly refurbished 50 Farringdon Road (UK)

Picton Property Income Limited, a closed end property investment company, announces that it has secured a major letting at 50 Farringdon Road following the completion of a major refurbishment of the building. The Trainline.com Limited is taking 25,300 ft² (approx. 2,350 m²), representing over 75% of the available space for its new London headquarters.

50 Farringdon Rd

50 Farringdon Road.

The UK's leading rail ticket retailer and rail ticket information provider has signed a 10-year lease across the first and second floors of the building at a rate of £33 per ft², slightly ahead of ERV, with an upwards only rent review/tenants break option in 2016. This letting ensures that the building will be income producing within 12 months, producing a rental of £835,000 per annum.

Picton made a strategic decision in 2010 to unlock further value from the property through a program of asset management. It undertook a lease surrender on the building in April 2010, receiving a payment in excess of £4 million, ahead of the tenant break due in September 2010. A significant refurbishment program was subsequently undertaken creating a Category A specification building. Positioned in an improving location, it offers space appealing to a wide variety of occupiers and benefits from its close proximity to a number of excellent transport links including the future Crossrail Station at Farringdon, which is scheduled for completion in 2018.

Commenting on the letting, Nicholas Thompson, Chairman of Picton, said: "Our company's strategic focus is on delivering high quality income and a covered dividend. To have transformed Farringdon Road into an income producing property by securing a tenant so soon after completing a major refurbishment program is an endorsement of our strategic approach to asset management.

"We are confident of securing a tenant for the remaining 7,000 ft² and believe this asset will provide further opportunity for income growth with such significant infrastructure improvements being undertaken in the immediate vicinity."

Source: FD

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