Orbit Developments has landed insurance company AXA in a 70,000 sq ft preletting coup at its Middlebrook business and retail park in Bolton, near Manchester.
Last week, AXA took 20-year leases on two office buildings in the Parklands phase of the 200-acre park, at a rent of £15.50 per sq ft.
The deal, one of the North West’s largest prelets this year, follows German industrial group E.On’s decision in May to take 65,000 sq ft of offices at Parklands.
AXA’s larger office of 41,000 sq ft is under construction, with completion in December, while the 29,000 sq ft building will be completed for occupation in December 2007.
The insurer will transfer 450 staff from offices in Bolton town centre to Parklands next spring.
Plans for Orbit to buy the Bradshawgate and Nelson Square buildings from AXA’s landlord have fallen through, but it will pay AXA a cash incentive to cover the remainder of the lease terms, expiring in 2008 and 2011.
Nelson Bakewell and Eversheds acted for AXA; Orbit represented itself.
References: EGi News 21/08/06
