With an average rent of £29.50 per sq ft ft across Millbank Tower - around £10 per sq ft less than the market average - the last year has seen a total of 16 lettings. A final letting of around 16,000 sq ft to MacMillan, the cancer support charity on the third and fifth floors brought the premises to full capacity.
Land Securites Portland House is also now fully occupied following the letting of 16,500 sq ft to Ten Alps completing almost 270,000 sq ft of office lettings and re-gears in the last twelve months.
Guy Bowring from Tuckerman, which is the joint leasing agent on both developments, said: “Victoria continues to transform in front of our eyes into a cultural and commercial hub, and the news that arguably its two most iconic office buildings are now fully occupied represents a real tipping point for the market, meaning that virtually all second hand Grade B stock is now let.”
“This is creating a very competitive landscape for those seeking sub-Grade A space, with rents expected to rise sharply for the remaining space in this bracket.”
Tuckerman was joint agents with Deloitte and JLL at Millbank Tower, and with CBRE at Portland House.