Shaftesbury’s St Martin’s Courtyard scheme in Covent Garden has signed 3 new tenants this week.
3 properties have been let to 3 individual firms in the latest deals to be completed in London’s theatre district. The Courtyard comprises of 5 restaurants, 23 shops and 69,000 square feet of office space. It’s owned by Longmartin; the joint venture between Shaftesbury, who mainly focus on properties within the theatre area, and The Mercers’ Company.
Robert Walters have taken floors 2 to 6 of 11 Slingsby Place on a 10 year lease for around £50 per square foot. This works out at an annual rent of around £2.15 million per annum. The office space comprises of 43,000 square feet; about 62% of the total office space at St Martins Courtyard.
Other new tenants include Oreolo Restaurants who have taken restaurant space at 8-10 Upper St Martin’s Lane. They’ve taken the basement and ground floors on a 25 year lease with a rent-free period of 13 months. The initial rent works out to be around £0.35 million per year.
Similarly, Dishoom have taken the restaurant space next door to 8-10 Upper Saint Martin’s Lane on a 25 year lease. The initial rent works out at around £0.26 million, with a rent-free period of 11 months.
The next phase of the scheme is due to be open between February and summer 2010 and Shaftesbury have said they expect to receive “healthy interest” for the properties, once they become available to let.