London and South East specialist McKay Securities has let the ground floor of Prospero, its new 50,370 sq ft office development in Redhill, Surrey, to insurance broker the Plan Group.
The Plan Group has agreed a 15-year lease term on 11,537 sq ft of space, with a tenant break option after 10 years, at a rent of £346,110 pa, equivalent to £30 per sq ft.
Prospero will be the Plan Group’s new headquarters, relocating from their existing freehold in Purley, Croydon, CR8.
The Plan Group will join Morrisons Solicitors, which has let the third floor of the building. The remaining two floors total 26,100 sq ft.
The 1.2-acre Prospero site was acquired by McKay in an off-market transaction in May 2013 for £2.3m, with planning consent in place.
Following immediate work to enhance the office planning consent and dispose of surplus land to a residential developer, McKay completed the development at the end of 2016.
McKay’s Prospero project was Redhill’s first new office development in over 10 years. The building features four large flexible floors and 87 car parking spaces.
McKay chief executive Simon Perkins, said: “The selection of Prospero by the Plan Group provides a clear indication of demand for the occupier-focused business space we have created in this undersupplied market.”
Scott Georgiades, founder and corporate development director of the Plan Group, said: “We see an increasing demand and interest for our services and we strongly believe our brand really fits here.
“The convenience of the Prospero office location coupled with the impressive sustainability levels of the development were major pull factors in moving our business here.”
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