Invista Foundation Property Trust has agreed a new letting to Bupa Insurance Services at Victory House,
Bupa International is taking 45,000 sq ft of offices on a 15-year lease with a break at the 10th year. It will pay a rent of £960,754 pa, equating to £21.50 per sq ft.
Bupa International’s agreement is conditional on Invista refurbishing the offices at a cost of approximately £2.9m with works expected to be completed in Q3.
Mott MacDonald will continue to occupy the remaining 36,688 sq ft on a new 15-year lease with no breaks paying £790,000 pa.
Bupa International’s rent-free period expires in 19 months when the total rent produced by the building will rise from £1.3m pa to £1.75m pa before the two new lettings to Mott MacDonald and Bupa International.
Invista’s overall portfolio vacancy rate as a percentage of rental value will fall from 11.7% to 8.2% following completion of the letting.
Duncan Owen, chief executive of Invista Real Estate Investment Management, said: “This is a very good letting to a strong tenant and for a long new lease. The capital investment in the property to secure the letting is consistent with our strategy of maximising income from our portfolio and driving capital value growth. The attractive terms achieved in a challenging letting market reflect the high quality of this prime office building in
annabel.dixon@estatesgazette.com
