The Driver Vehicle Licensing Authority (DVLA) is shifting up a gear by relocating to a new 2,935m2 (31,600 sq ft) call centre building on the Swansea Vale business park. The deal sets a record rent for the region.
The Sandringham Investments building, Telelink V, has been let to the government agency for 15 years at an initial rental of £357,455 a year (£11.31 per sq ft), rising to £394,050 a year (£12.47 per sq ft).
Lee Mogridge, South Wales director of agents Lambert Smith Hampton, which acted jointly with Chesterton, said, “This letting has set a new rental precedent for Swansea with distinct rental growth having been shown since original lettings in June 1999.
“Rentals have continued to increase with increased occupier demand for the city, rising to £10 per sq ft earlier this year when the Department for Work and Pensions acquired 3,755m2 (40,400 sq ft) first phase of the Waterside Business Park in the city.”
The DVLA will use the building for its driver and vehicle policy divisions. Sandringham is now poised to launch the next and final phase of its Telelink scheme.
EGi News 30/08/01
