Delancey and Shearer complete Iona office development in London

UK real estate investment manager Delancey and developer Shearer Property Group have announced the completion of their Iona office scheme located at Argyll Street in London. Iona forms part of the partners' redevelopment of the former Dickins and Jones store on Regent Street.

Iona consists of what Delancey describes as a 'dramatic five-storey reception area' and a 186 m² atrium. Iona also offers the largest new floorplates in the West End with a lettable area on each floor of more than 2,400 m².

Private equity firm Och Ziff has taken occupation of the second floor, comprising some 2,500 m² net, after agreeing a pre-let in the first quarter of 2008. Two floors, comprising more than 5,000 m2, remain available. and Delancey said it continues to receive good levels of interest in this space. The retail element of the development is fully let to eight tenants including Armani Exchange, Nokia, H&M and Banana Republic, who chose the scheme as the location for its first European store.

Commenting, Tim Haden Scott, Investment director at Delancey, said: 'Completion of the office space marks the latest milestone in the life of this outstanding development. As evidenced by the pre-let to Och Ziff, Iona provides a compelling opportunity for occupiers to obtain space in a prime West End location with an outstanding specification. We continue to receive strong levels of interest for the remaining available space, which underlines the quality of the building and flexibility of the floorplates that have been delivered.'