100% office pre-let of Bankside Development

Land Securities Group PLC has announced that it has exchanged contracts with the Royal Bank of Scotland plc (“RBS”) for the pre-letting of the Bankside 2&3 development on London's Southbank, SE1.

RBS will take a 20 year lease occupying a total of 377,910 sq ft over the two buildings, with rental levels of £46.50 being achieved for the best space. This transaction completes the office space within the 940,000 sq ft mixed-use estate. Building 1, the Blue Fin Building, is occupied by IPC Media following its forward sale in May 2004.

Mike Hussey, Land Securities' Managing Director, London Portfolio commented on the letting: “Our decision to build Bankside 123 was based on our belief that the Bankside area has always held the potential to be a diverse and exciting location for commercial, retail and residential users. Royal Bank of Scotland now joins IPC Media at our Bankside complex along with a strong list of retailers. Tate Modern is expanding and new residential schemes are adding to the area's attractiveness. We are delighted that RBS have recognised that in their commitment to the scheme and look forward to welcoming them into their new offices.”

Located behind Tate Modern, Bankside 123 has created a diverse and vibrant environment for the area’s expanding business community, retailers and residents. The trio of buildings set within interconnected public spaces will open up access from Southwark to the riverside.

CB Richard Ellis represented Land Securities and Drivers Jonas advised RBS. The retail element of the scheme is being marketed through CB Richard Ellis.

For further information on the scheme visit bankside123.co.uk.