Orchard Street Investment Management (‘Orchard Street’), the specialist commercial property investment manager, has completed three lettings totalling over 35,000 sq ft at Rivergate, its newly refurbished business park office asset on Newbury Business Park, Berkshire, with quoting rental levels of £24.50 per sq ft.
Two of the lettings have seen the introduction of new occupiers to Orchard Street’s asset. Rebound Electronics, a long-term occupier of another building in the park, has taken 13,154 sq ft of office space at Rivergate on the first floor of the property, having signed a 13 year lease. Cavendish Nuclear, a subsidiary of Babcock International will occupy 6,189 sq ft of offices on the second floor of the building on a 10 year lease.
The largest of the lettings at 15,710 sq ft is to Mentor Graphics, a global leader in electronic design automation, an existing tenant within the building, which has signed a new 10 year lease on the second floor of the building following the refurbishment.
These latest lettings leave the 61,000 sq ft asset 87% occupied, with only 8,400 sq ft of Grade A refurbished offices remaining. Rivergate is prominently located at the entrance to Newbury Business Park, just off the M4 motorway, and a short drive from Newbury town centre and railway station. The property has an excellent parking provision in addition to a communal tenant break out area, cycle and shower facilities, while the office floors provide Grade A space with excellent natural light and flexibility.
Sarah O’Connell, Asset Manager at Orchard Street, commented:
“The success of these three lettings reinforces our strategy to speculatively refurbish this building. The calibre of occupiers that Rivergate has attracted clearly demonstrates its appeal as a prime Grade A office building within the Newbury office market. With strong interest in the remaining space, we are confident in securing an occupier for the first floor offices in the near future.”
Strutt & Parker and Vail Williams acted as joint letting agents on behalf of Orchard Street IM. Cushman & Wakefield advised Mentor Graphics, Lambert Smith Hampton acted on behalf of Cavendish Nuclear. Rebound Electronics were represented by Commercial Property Consultancy.
For more information:
Notes to Editors:
Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is a leading specialist commercial property investment manager, focused on the UK market. It acts on behalf of institutional clients world-wide to advise on investing in and the active management of property assets, including industrial, retail warehouses, offices and shopping centres. Orchard Street currently has assets under management exceeding £4 billion.