8 Mar 2017
M7 Real Estate brings higher education to Ilford
London, 8 March 2017 – M7 Real Estate, the pan-European investor and asset manager which specialises in the regional, multi-let real estate market, announces that, acting on behalf of M7 REIP V Propco Ltd (or “the Fund”), it has secured the letting of over 5,000 sq ft of office accommodation at Becketts House and Caxton Place in Ilford, Essex on a five year term.
Numerica Risk Management and Consulting Ltd (“Numerica”) has taken over 3,500 sq ft on part of the first floor at Becketts House, the last remaining suite at the building, meaning the asset is now fully let. Other tenants within the 42,000 sq ft, eight-storey building include NHS Property Services, Hays Recruitment and Redbridge Clinical Commissioning Group.
Numerica has also leased circa 1,600 sq ft of accommodation at the adjacent 2 Caxton Place which has reduced the overall vacancy to 15%. Both buildings are prominently positioned next to the North Circular ring road and a short walk from the town centre and new Crossrail station, which will provide access to Liverpool Street in 17 minutes upon its opening.
Becketts House and Caxton Place were acquired in March 2016 as part of the 26-asset, £127 million Omega Portfolio. Along with the two office buildings, the sale also included a 99 space car park located moments away from the asset. The portfolio comprises a total area of 1.57 million sq ft and has a current total rent of circa £10.8 million.
Will Mitchell, Asset Manager at M7 Real Estate commented: “The deal to Numerica indicates the Ilford office market is remaining resilient despite a number of competing options in neighbouring locations. Given the environment post Brexit, it was pleasing to have the space under offer and completed in two weeks.”