UK-based Barclay Bank has signed a 20-year lease worth €2.35 million annually with property investor Green Reit. The office fitout will be designed and undertaken by Henry J. Lyons. It is very likely that that the office fitout will be the best in the city with bright expansive floor plates that will feature floor to ceiling glazing on all the four sides of the building.
Property investor Green Reit has confirmed that Barclay Bank has signed a lease agreement to occupy space in one its developments. The UK bank will be leasing a 37,000 square feet of space at the Iseq-listed property investor’s flagship development on One Molesworth Street for the next 20 years.
The lease agreement will allow the Barclay Bank to occupy two and a half floors from the total 5 floors of the building’s office space. The letting also includes an option for Barclay to add another half floor to increase office space to a total of 45,000 square feet.
The 20-year lease agreement also provides that the annual rent will be €2.35 million per year or €670 per square meter. Barclay is entitled to a market level rent free period at the start of the lease. At the end of a 12-year period, the UK bank will have the option to break the lease.
The former office of Barclay Bank used to be located at Park Place on Hatch Street where office space is only 1,393 square meters for their 400 staff. With the bigger office space at their new address, the UK bank will enjoy maximum flexibility.
The development at One Molesworth Street is expected to bring an overall rent income of €5 million for Green Reit. It will also trigger a higher than expected capital value due to the tenant lineup and the impressive fitout planned for the building.
When your business is going to move location, shop fitouts in Canberra can develop office design and provide furnishing solutions to create a productive workplace. After the new location has been inspected, a team will work with you to develop a floor plan for a new office design so that you can start business as quickly and efficiently as possible.