Further letting success at Globe Park, Marlow
08 May 2008
Since the refurbishment of the buildings all five units have been let within a few months of practical completion of building works
Royal Mail Pensions Fund Trustees Ltd, managed by Hermes Real Estate, has let five units on Globe Park, First Avenue, Marlow totalling circa 29, 000 ft² off a quoting rent of £8.50 ft².
Units 1 & 2, providing 13,122 ft², have been leased by Television Systems Ltd on a ten year term. There is mid term rent review and a tenant only option to break at the end of fifth year, subject to a minimum six months notice.
Beta Lasermike Ltd has taken unit 3, with 5,306 ft² of accommodation, on a five year lease and six month rent free period was agreed, subject to adherence to a strict timetable for completion of the legal documentation. Stupples advised the tenant on the acquisition.
Unit 4, comprising 5,279 ft², has been let to Banner Management Ltd on a ten year lease with a tenant break at the end of the fifth year with six months notice and a six month rent holiday was negotiated.
TVP Ltd is occupying unit 5, which provides 5,284 ft², on a five year lease with an initial rent free period of seven months.
King Sturge and Duncan Bailey Kennedy acted for Royal Mail / Hermes on the lettings and are offering the last remaining space, unit 7, which provides 12,732 ft² of warehousing space with 4,350 ft² of office on ground and first floors at a rent equating to £8.50 ft².
The joint letting agents comment that since refurbishment of these buildings, they have experienced a high level of interest and all five units have been let within a few months of practical completion of building works. This activity in the market is partly due to the excellent location of the units, which have easy access to the Marlow by-pass linking the M40 (J4) with the M4, J 8/9, at Maidenhead.
