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Craigard has secured a successful lease renewal and rental review within its office building, Spectrum, increasing the rental tone and extending existing commitment at this popular office.
Spectrum is located in Solent Business Park and was acquired in poor condition and vacant by Craigard in 2012 and subsequently fully refurbished. It totals just under 40,000 sq ft over three floors and was snapped up by its existing tenants, following the refurbishment. The lease renewal was secured to ground floor tenants InComm, which has extended its stay at the building for at least another five years at an increased rent of £14.50 per sq ft.
In addition, current tenant MITIE’s rent review has been settled at a rate of £13.75 per sq. ft. on just over 10,000 sq ft of space at Spectrum – an increase from the previous £10 per sq. ft. It’s current lease at the building is until 2023.
“Both of these agreements show that our expectations for potential growth at the site were correct,” comments David Foster. “We’ve successfully achieved rental growth at the building which is great for investors. We work closely with tenants at the building to ensure they remain happy with their accommodation in a bid to retain them, which is all part of what makes Craigard so successful, it’s hands on shrewd asset management skills.”