Computer company Madge Networks has signed a major preletting agreement for Lynton’s 115,000 sq ft (10,680m2) office at Wexham Springs, near Slough.
The occupier will pay £20 per sq ft (£215.29 per m2) for a 25-year lease, with tenant-only breaks at year 15. Two of the four buildings, totalling 36,800 sq ft (3,419m2), have been forward sold to AMP. Another building, of 25,900 sq ft (2,406m2), has been sold to Clerical Medical. Both deals show an 8% yield.
The letting to Madge enabled Lynton to purchase the 44 acre (17.8ha) site from the British Cement Association for £5m. Work should start at the end of August, with completion set for December next year. Madge plans to move into the development in spring 1997. Lynton’s associate director, Guy Holden, said: “The deal with Madge is a natural progression for Lynton. As part of BAA, we’ve built a lot for airport-related companies but we are now actively seeking to develop off- airport.”
Hillier Parker sold the site for BCA. Nelson Bakewell acted for Madge, and Brian Cooper & Co advised AMP. Morgan Williams represented Clerical Medical.
