BT let confirms property revival: Rent of pounds 1.89m will give Argent 8% yield
Argent, the property company that came to the market in June with a pounds 140m price-tag, has agreed terms with BT to occupy a planned 120,000 sq ft (11,148 sq metre) office building at its Brindleyplace development in Birmingham.
The letting is the first at the 17- acre (6.87 ha) site, which Argent acquired from the receivers to Godfrey Bradman's collapsed developer Rosehaugh.
At an initial annual rent of pounds 1.89m, the property will give Argent an 8 per cent yield on its estimated pounds 22m development cost. It is expected to be valued at pounds 26m.
Interest in the Brindleyplace scheme is seen as an indication of the shortage of modern office space in Birmingham, where it is estimated there is less than 100,000 square feet of new facilities.
Argent recently announced British Airways Pension Trustees funding for another of the nine proposed office buildings at Brindleyplace.
Meanwhile, Yorkshire Water and Evans of Leeds are teaming up with Land Securities, the UK's largest property company, to build a pounds 100m, 600,000 sq ft shopping centre on the edge of Leeds. The project gained planning approval in 1991 before a Department of the Environment decision to clamp down on out-of-town shopping.
- 1 Rihanna 'nude photos' claims emerge on 4Chan as hacking scandal continues
- 2 Frank Lampard equalises for Manchester City against Chelsea: how Twitter reacted
- 3 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 4 Free U2 album: How the most generous giveaway in music history turned PR disaster
- 5 Britain First picture: Photographer 'horrified' after first Afghan policewoman killed by Taliban used for 'ban the burka' campaign
Rihanna 'nude photos' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
Jennifer Lawrence leaked 4Chan sex video branded 'fake' by forum users
Gabrielle Union contacts FBI over nude 4Chan pictures leaked by 'vultures'
Jennifer Lawrence 'naked sex video' will be leaked next, threatens 4Chan celebrity photo hacker
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£80 - 100k + Bonus: Guru Careers: A COO / Chief Operating Officer is needed to...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...