14 Sep 2010

M7 Real Estate Secures Substantial Letting at KBP, Havant

14th September 2010 – M7 on behalf of Northcreek Estates (M7’s JV with Westbrook Partners) has secured a substantial letting at KBP (formerly known as Kenwood Business Park), Havant.

The letting is to Synchreon Automotive (UK) Ltd for a term of six years and will cover 127,859 sq ft (11,875 sq m). The rent achieved was £4.50 per sq ft without any rent free, providing for an annual income of £575,365.

This letting, coupled with two further transactions that are currently in lawyer’s hands, will take the estate to full occupancy from a 50.5% vacant position when M7 acquired the site for Northcreek in February.

Jack Thoms of M7 commented “We are delighted to be on the brink of achieving full occupancy on this estate. Whilst vacancy has been a problem at this estate for a while, we were firmly of the belief that the asset had great potential. Having spoken to the local agency community, it became clear that the Kenwood Business Park branding had caused issues given where Kenwood the largest tenant on the estate were located with a highly dominant position at the entrance to the estate. This rather unfortunately gave the impression that the site was fully occupied by Kenwood, when there was substantial vacancy at the rear of the site.

A quick rebranding to KBP and a re-invigorated marketing campaign resulted in a number of interested parties in the site, which in turn led to this transaction.