Following the letting to Quintiles (UK), Five Oaks Investments, in a joint venture with PDFM, is selling its 4,645 sq m (50,000 sq ft) Millennium office building in Bracknell, Berkshire.
Quintiles has taken the whole building on a 15-year lease with five-yearly reviews at £236.81 per sq m (£22 per sq ft) for the best space. There is a rent free period till June 1998. The total initial annual rent is £1.076m.
Under the joint venture agreement with PDFM, Five Oaks will receive 25% of the rental income from the property until it is sold. Five Oaks will also get at least 25% of the net proceeds from the investment sale.
Five Oaks and PDFM bought the Millennium offices together with Digital House at Basingview, in Basingstoke, in June 1995 for £9.1m. The new owners refurbished and extended Millennium, which also provides air conditioning and 130 parking spaces.
Quintiles (UK) is a subsidiary of US pharmaceutical research group Quintiles Transnational Corp.
Hillier Parker and Conrad Ritblat advised Five Oaks/PDFM and Grimley acted for the tenant.
EGi News 19/11/97
