Morgan Lambert & Partners Property Consultants have continued to go from strength to strength in the London commercial property market, leasing a further two commercial properties in highly desirable locales.
Astra (GB) Limited have acquired commercial property space at 3 Dorset Rise, London EC4, following extensive refurbishment works to the commercial property offices. Their new premises are located on the eighth floor of the building, and altogether amount to 3,760 square feet. Astra (GB) Limited are a subsidiary company of SES SA of Luxembourg – a commercial property business which is known internationally as a ground breaking satellite operator.
Astra (GB) Limited agreed upon a contract which details a ten year lease, subject to a rent review or break clause following the initial five year period. They will pay £154,160 per annum in rent for the air conditioned commercial property offices – a price which works out at £41 per square foot, making it a fair price for a London postcode.
Morgan Lambert & Partners represented Astra (GB) Limited in the negotiations, while Farebrother represented the commercial property landlords.
Meanwhile, Morgan Lambert have also sealed a deal successfully with Ear to the Ground Ltd, which is the service company to the Barristers Set known as Doughty Street Chambers. Acting for private clients David Menzies Associates and their joint partners, Morgan Lambert leased the 5 storey Grade II listed commercial property at 19 Doughty Street, London WC1, which comprises both fully contained office space and residential areas.
The property has a net floor area of approximately 3,448 square feet, and Ear to the Ground Ltd will pay £77,500 yearly in rental costs. As with the previous deal, the tenancy period is ten years, with a rent review following five years of occupation in the London commercial property. However, the tenant’s break option in this case will apply in June 2015.
As commercial property in London remains a highly desirable niche market, we have no doubt that Morgan Lambert & Partners will continue to secure successful deals for their clients in the coming months, especially as the eyes of the international community remain focused on London as both a place for business and a profitable leisure location.