Major Lettings at Cavern Walk

RNS Number:2148G
Warner Estate Holdings PLC
15 January 2003



                           Warner Estate Holdings PLC



                       WARNER ANNOUNCES MAJOR LETTINGS AT
                        CAVERN WALK SCHEME IN LIVERPOOL



Warner Estate Holdings PLC ("Warner Estate"), the property investment company,
today announces that it has let nearly 35,000 sq. ft of office space at its
Cavern Walk mixed use scheme in Liverpool.



Davies, Wallis, Foyster, a major regional firm of solicitors has agreed to lease
7,900 sq. ft. of space for use as a major administration centre.  The tenant has
signed a five-year lease with a tenant's break at year three, for an annual rent
of #75,355. This represents #9.50 per sq. ft. The tenant plans to have
approximately 50 staff working at the Cavern Walk site.



This is the second major letting at the scheme.  In October 2002, Direct Line,
the insurance group, agreed to lease two floors of the building comprising a
total of 26,600 sq. ft.  The tenant has taken a ten-year lease, with tenant's
breaks in years three, five and seven, for an annual rent of #239,500, which
represents #9.00 per sq. ft.  Approximately 400 staff will be based at this site
for use as a regional administration and call centre.



Warner Estate purchased the scheme in March 2002.  Cavern Walk is best known as
a high fashion retail destination in Liverpool City centre.  Much of the office
space above the retail outlets on the ground floor, has been empty for over four
years.  The scheme has benefited from a full-scale refurbishment programme,
completed in 2002, that has improved the space to Category A office standard.



Richard Moore, Property Director of Warner Estate, commented:



" We are delighted that such a substantial part of this building has been let.
Over the last year, we have improved the standard of the accommodation in order
to attract high quality tenants. We are now seeing the benefits of this
investment."



" We are continuing the refurbishment of this world famous site in order to
provide both office and retail space to a range of customers.



" We believe that the terms of the two agreed lettings show that Warner Estate
has responded positively to the requirements of the voluntary Code of Lease
Practice."



                                     -ends-



Date: 15 January 2003

For further information contact:


Warner Estate Holdings PLC              City Profile
Philip Warner, Chairman                 Simon Courtenay
Richard Moore, Property Director        Alex Lowe
Tel: 020-7907-5100                      Tel: 020-7448-3244
Web: www.warnerestate.co.uk             E-mail: simon.courtenay@city-profile.com




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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