The Trainline.com has leased new office space within the City of London. The hugely successful online travel company has taken up office space at 50 Farringdon Road. The high quality offices were let out by Piction Property who were formerly known as ING UK Real Estate Income Trust. Trainline.com have leased the new office space following a huge refurbishment of the entire building.
The Trainline.com has taken a long term 10 year lease on the 25,300 square foot office space. The company has in-fact taken up a total of 75% of the building’s available space making it one of the biggest office rentals that London has seen in recent times. The travel company has taken the entire first and second floors at an average rent of £33 per square foot with an upwards only rent break available in 2016. This new lease actually ensures that 50 Farringdon Road will producing new income within the quick period of just 12 months and an overall profit of £835,000 per annum.
Commenting on the move Piction Property’s chairman, Nicholas Thompson 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 programme is an endorsement of our strategic approach to asset management.”
Additionally, in October the Trainline.com expanded into more office space in Edinburgh based in Inverleith Row. The company has seen rapid expansion recently and will likely be expanding its London office space in the forseeable future.