Clearbell Capital and Patrizia have let all 151,000 sq ft of the Bower, an office building at Stockley Park in Hayes, west London, to printer manufacturer Canon for its UK and European headquarters.
The deal, which is the biggest letting at Stockley Park for 30 years, will see Canon upsize from its current 72,000 sq ft headquarters at 5 The Square, which is also on the business park.
The Bower has been comprehensively refurbished in recent years, which involved a back-to-frame renovation resulting in a BREEAM Excellent rating.
Clearbell Capital acquired the Bower via its fund Clearbell Property Partners II, as part of a joint venture with Patrizia in 2015.
Dominic Moore, head of ESG and asset management at Clearbell Capital, said: “Canon’s decision to move its headquarters is testament to the quality and versatility of the asset.
“It also represents a vote of confidence in the future of the office. With restrictions easing, businesses and their employees are keen to return to their workplaces but are also reassessing their needs.
“Landlords that can offer space with the opportunity for collaboration and connection, as well as stringent hygiene and safety procedures, will have the upper hand.”
Charles Dady, head of national office leasing at Cushman & Wakefield, said: “A letting of such scale at this time is a major vote of confidence in the Thames Valley market and further evidence of the critical importance of the office to major occupiers.”
Nick Taylor, director of asset management at Patrizia, added: “We are proud to have secured a world-class tenant like Canon for this attractive asset close to Heathrow Airport. Not only is this a sign that the office market in and around London remains resilient, but for our clients invested in our Patrizia UK Value II Fund this is very good news.
“It marks the successful completion of the last remaining major business plan target for the Fund and unlocks a material improvement in value.”
Cushman & Wakefield, CBRE and DTRE acted for Clearbell & Patrizia; Re-Creations advised Canon.
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