Think-tank prelets in Southwark

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The Overseas Development Institute has prelet McKay Securities’ 203 Blackfriars Road development.

The think-tank has taken a 12-year lease at £41 /sq ft in the building, which is being refurbished.

The ODI will receive 24 months rent free from completion of the lease.

Simon Perkins, managing director of McKay, said: “Recent investment in local infrastructure and amenities has attracted occupiers to the Southwark area, contributing to a low vacancy rate for Grade A product.  

“The letting has justified our confidence in the prospects for this area by capitalising on these market improvements, securing a significant uplift over the rental value prior to refurbishment.

EA Shaw and Savills represented McKay. Carter Jonas represented the Overseas Development Institute.

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