Frasers Property UK Completes String Of Lettings And Announces Further Investment In UK Business Park Portfolio
Frasers Property UK has completed a string of lettings across its UK business park portfolio, including the largest office deal in the Thames Valley this year.
Frasers Property has announced that Vyaire Medical Products, a global leader in respiratory care, is to establish its UK headquarters at the recently refurbished Chineham Gate, on Chineham Park in Basingstoke, Hampshire.
At 49,255 sq ft, the 10 year lease at a rent of just over £1million per annum, is the largest office letting completed to date this year in the Thames Valley.
It comes as Frasers Property announced plans to comprehensively refurbish the 85,000 sq ft office property named Maplewood, having agreed the surrender of Ericsson’s lease on the building. The refurbishment is due to complete in June 2019.
Rupert Batho at Frasers Property UK, said: “This letting is vindication of our strategy to significantly re-invest in our core office stock thus creating contemporary, yet affordable space. The building’s prime location at the entrance to the park makes it an ideal setting for Vyaire’s international headquarters. Our focus is now to secure similar success at Maplewood”
Frasers Property, which is part of the Singaporean group that has businesses in Singapore, Australia, Southeast Asia, China and Europe, has also completed a duo of lettings along the M3 Corridor at Watchmoor Park in Camberley, where Flagship Foods has taken 12,500 sq ft of space, and photonics specialist Jenoptik 22,500 sq ft, with both leases agreed on 10-year terms.
These deals have taken occupancy from 72% to c.90% in the six months since Watchmoor was acquired by Frasers Property.
Frasers Property UK’s business park portfolio also includes Winnersh Triangle in Reading; Farnborough Business Park and Hillington Park, Glasgow.
Frasers were represented by BNP Paribas Real Estate and Hollis Hockley; Vyaire Medical Products were represented by Spring 4, Flagship Foods was represented by JLL and Jenoptik was represented by Campbell Gordon.