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The landlord of West London’s 160,000 sq ft building has announced that it has secured its first major letting. It has let 75,000 sq ft to Betchel Corporation, who are a leading engineering and construction firm. Betchel have taken a straight 10 year lease term, the rental rate is £28.50 per sq ft. Betchel are currently located in Hammersmith and plan to take occupation in the office in Park Royal as of June 2014.
The landlord, Wainbride Global FC200 Limited (WGFL) had acquired FC200 in September 2011 for £16 million. The property is close to the Hanger Lane roundabout and happens to be opposite to Diageo’s International Headquarters. The building offers much needed grad A space in the western fringes of London, more economical than the Hammersmith and Chiswick markets, at a 40% occupational discount. Park Lane as west London location should not be ignored, being only 4 miles away from the previously mentioned Hammersmith and Chiswick areas while also providing easy access to both the Piccadilly and Central lines on the tube. There is also around 174 car parking spaces available in the building, on average in London, there is usually one space for every 974 sq ft.
FC200 had been acquired before full development and therefore Wainbrude Global had taken on the development in a shell and core condition, and are fitting out the floors from Ground to 6th to a Grade A standard. Now Betchel have been let part of the building, Wainbrude will commence the remaining fit out at a cost of £3.5 million. The plan is to market the remaining floors at rental rates of £35 psf.
Wainbrude have a current £70 million fund to support it’s strategy of developing offices and mixed use buildings in greater London. As the property market becomes tighter and tighter, investment opportunities in the fringes are starting to seem a lot more lucrative.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.