Craigard’s Eskan Court office, located in Milton Keynes, has achieved a new rental tone and a bright future for its investors with existing tenant Alliance Automotive signing up to lease 75% of the building until 2027.
Having originally taken 25% of the building in 2016 Alliance Automotive will be expanding its operations into the vacant space that was occupied by Isotrak, which simultaneously surrendered its lease, due to expire in 2020. The new agreement sees Alliance Automotive, a distributor of light and commercial vehicle parts nationally and internationally, leasing this remaining space on simultaneous terms to its existing leases.
“The new space equates to a rent of £19.00 per sq. ft.,” comments David Foster. “This sets a new rental tone for the building, which is fantastic for future growth on the site, as well as delivering a nice return for investors. As part of the deal, we will be refurbishing the space before Alliance Automotive move in and, in return, they will be removing the break clauses in all their leases. We’re delighted with this level of commitment from the tenant, and have now secured the rental future of the building all the way until 2027 – a great result.”