Circle Property has agreed a new lease with Compass Group at its Kent’s Hill Conference Centre in Milton Keynes.
Compass surrendered its existing lease, signed in 2013 for 10 years, and agreed a new longer lease on a rising rent which begins at £1.5m a year.
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The site in which the conference centre sits was bought by Circle in December 2013 for £11m and consists of eight buildings with an area of 246,000 sq ft.
Circle is developing the next door Kents Hill Business Park to extend to almost 90,000 sq ft of Grade A offices, being marketed by Lambert Smith Hampton and Louch Shacklock at £18.50 per sq ft.
John Arnold, chief executive of Circle, said: “Compass now have a sufficiently long lease to allow them to invest with confidence in the Centre and so ensure that it remains one of the premier residential conference centres in the country.”
