London, 28th November 2018 - M7 Real Estate (“M7”), the pan-European investor and asset manager, announces that, acting on behalf of a major institutional fund, it has completed the letting of a total of 62,000 sq ft, across two units, on Severalls Business Park, Colchester.
The units were acquired in late 2017 as a single unit in a severely dilapidated condition and had stood vacant for a significant period. The decision by M7 to divide the unit into two and undertake a comprehensive refurbishment resulted in a materially improved level of occupational interest. Indeed, both units went under offer prior to practical competition of the works.
Phoenix Aromas have taken 36,000 sq ft on a 15-year term, relocating from premises in Loughton, whilst Vegtrug have taken the remaining 26,000 on a 10-year term, expanding from premises nearby. Both lettings were at headline rents of £6.75 per sq ft.
Daniel Roberts, Senior Asset Manager at M7 Real Estate commented: “These lettings represent an excellent outcome for M7 and facilitate investment and job growth for Colchester. The decision to refurbish and split the units was central to attracting international calibre tenants and to setting market leading rental levels, which were c.25% higher than when last occupied.”