Weightmans has taken a new ten-year lease at Ediston’s St Philips Point in Birmingham.
The office tenant currently occupies 37,395 sq ft on three floors under three separate leases that expire in July 2019 at a rent of £606,452.
It has restructured this to take a new ten-year term on 23,187 sq ft, paying a rent of £507,430 pa, a 45.7% increase on a per sq ft basis.
The agreement will be effective from 1 August 2018.
The remaining 14,208 sq ft will be refurbished and marketed, which could generate an overall increase in net income from the property of £220,000 pa.
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