In one of the biggest office deals Southampton has seen in recent years, Skandia Life Assurance has taken 4,673 sq m (50,300 sq ft) at PRICOA fund Southdowns’ Mountbatten House.
Skandia has agreed a ‘concessionary’ rent for the first three years with a fixed increase to £17.50 per ft (£188.37 per sq m) at the end of the third year. As part of the deal, Skandia is to fit out the new offices. The lease runs for 20 years with a tenant’s option to break at the end of year 15.
Sussex Asset Management (SAM) acted on behalf of PRICOA. Edward Symmons & Partners advised SAM, while GL Hearn & partners represented Skandia.
In another deal at Mountbatten House, cruise line operator Cunard has taken an additional 10,500 sq ft (975 sq m) of space.
EGi News 04/07/00
