19 Jun 2018
Vodafone has extended its lease at Lothbury Property Trust’s prime retail and office property at 78-90 Buchanan Street and 9-17 Exchange Place.
The 35,000 sq ft property comprises retail, leisure and offices. Vodafone has extended its existing lease by a further 10 years from December 2019 at £640,000 per annum on the prominent corner unit.
Buchanan Street is home to a number of international retailers and is one of the premier retail locations in Europe and the second busiest retailing street in the UK, after London’s Oxford Street.
Mike Toft, Senior Fund Manager and Executive Director of Lothbury Investment Management said: “This asset is undoubtedly located on one of the UK’s prime retail pitches.
“The building, which is fully let, has been an exceptional performer for the Fund and the new letting has set a new record level Zone A rent. We are very pleased to have secured the extension to this lease from Vodafone and feel that this vindicates Lothbury’s strategy of always buying into 100% prime locations.”
The first floor at 78-90 Buchanan Street, which comprises 3,553 sq ft of Grade A office accommodation, is occupied by BNP Paribas Real Estate, while the second and third floors, totalling 13,091 sq ft, are let to international architectural practice, BDP. Other occupiers of the ground floor retail units are Starbucks and Lush.
Savills acted for Lothbury Investment Management Limited.