8 Sep 2016
M7 letting to Handelsbanken brings Cirencester Business Park to 100% occupancy
London, 8 September 2016 – M7 Real Estate, the pan-European real estate investor and asset manager, announces that it has secured the letting of a 2,519 sq ft unit at Cirencester Business Park to Swedish bank Handelsbanken on a 10 year lease. The letting brings the modern, multi-let office park in Gloucestershire, which was 8.88% vacant upon acquisition by M7 in January 2015, to full occupancy.
Handelsbanken has agreed a 10 year lease for Unit 301 at a headline rent of £14.30 psf, with a break clause after five years. This letting not only takes the business park to fully let with a WALT of 6.18 years, but also raises the ERV to £14 psf from its current average of £11.33 psf, strongly positioning the park for any forthcoming rent reviews.
Since acquisition in 2015, M7 has overseen a focused marketing campaign on the vacant unit which resulted in identifying a strong tenant that has agreed institutional lease terms. The reputation of the tenant and terms agreed maintain the profile of the asset as a leading regional office park.
Cirencester Business Park is situated on Love Lane in the prime business area of the town and comprises ten two-storey office units across 28,366 sq ft. Other occupiers in the immediate area include Halfords, Lidl and Vauxhall.
James Chasen, Asset Manager at M7 Real Estate commented: “Having worked closely on this asset for a number of years, this most recent letting has taken the headline rent to a new level, demonstrating the continuing demand for high quality assets in the right location. With the estate now fully let, Cirencester Business Park is a strong endorsement of M7’s ability to add value and deliver reliable income streams by implementing tailored asset management plans and engineering a strong tenant base.”