M&G bags Primark owner for the Fitzrovia

M&G Real Estate has secured a 31,000 sq ft prelet to Primark owner Associated British Foods at its 86,370 sq ft the Fitzrovia on Tottenham Court Road, W1. The listed group, which also owns the Twinings tea brand and Kingsmill bakery, is taking four floors at the scheme, which is scheduled to complete in March next year. According to EG’s market analytics, average achieved rents in Fitzrovia over the past 12 months are around £78 per sq ft. Levels three to five in the six-storey building remain available with floorplates from around 10,000 sq ft. M&G teamed up with Nomura Real Estate Development to bring forward the circa £250m redevelopment of 247 Tottenham Court Road  in 2014. The all-electric scheme is being built to high sustainability standards and will feature solar panels and a landscaped rooftop to encourage biodiversity, is targeting a NABERS five-star rating, BREEAM Outstanding and an EPC A, plus the highest WELL and Wiredscore certifications. Edward Charles & Partners and Knight Frank are letting agents on the scheme. Allsop advised ABF. Image from M&G Real Estate