A new agency launched by two former BNP Paribas Real Estate directors three months ago has secured its first major assignment – a 180,000 sq ft Thames Valley office hunt.
Catlin Young has been appointed by pharmaceuticals business Allergan to examine buildings and land to accommodate 150,000 sq ft to 180,000 sq ft of offices in and around the M25 corridor.
It marks the firm’s largest contract since it was set up in February by Robin Catlin, the former head of industrial agency in London at BNP PRE, and Tim Young, a senior South East office agency director at the company. Both declined to comment.
Allergan occupies just over 140,000 sq ft at the Marlow International office block in Buckinghamshire, which London & Stamford is poised to buy for £54m – a 8.35% net initial yield. Its lease does not expire until 2020; however, the firm has been concerned about the lack of space coupled with increasing occupier demand in the region.
One agent said: “If a big corporate company decides it wants to move or expand, particularly in areas such as the M25 corridor where supply is tight, they now have to begin looking years in advance.”
Other new requirements on the market include GVA finding 20,000 sq ft for Virgin Health. It joins a raft of demands launched in the first quarter, include DIY retailer Wickes’ requirement for 70,000 sq ft, and Ladbrokes’ requirement for 100,000 sq ft.
joanna.bourke@estatesgazette.com
