Picton Prop Inc Ltd Picton Secures First New Occupier at 50 Farringdon Road

 
TIDMPCTN 
 
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 GBP0.42 
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, [e-mail] 
 
 
Picton Capital Limited 
Michael Morris, 020 7011 9980, [e-mail] 
 
 
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 GBP423.9 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 
 
 
 
END 
 

(END) Dow Jones Newswires

January 10, 2017 02:00 ET (07:00 GMT)