Palace Capital, the investment company that focuses on commercial property outside London, has renewed a lease with the secretary of state for communities and local government at a rent of £93,334 pa, rising to £140,000 pa from year two.
The letting is for the 8,300 sq ft Princeton House in Farnborough, Hampshire, which is currently used as a Job Centre and is let to Trillium (Prime) Property Group until 1 April 2018 at a rent of £75,299 pa.
The new lease is for a term of 10 years from 2 April 2018, with an option to break at the end of the fifth year. If the lessee does not break at the end of the fifth year there is an upward-only rent review based on the increase in the Consumer Price Index.
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