Westcott Venture Park is delighted to report strong take-up at the new Century Court industrial scheme with three lettings agreed within the first month following completion.
Phase I of the speculative industrial scheme, comprising 24,000 sq ft over seven units, was completed on time and on budget and provides the only new Grade A accommodation currently available in the region. The buildings are located at the heart of Westcott Venture Park across 1.5 acres of the 650-acre site and there is solid interest in the remaining four units.
Lettings have been completed with electronic defence system specialists Antillion, which has taken a 5-year lease on Unit 1 comprising 2,015 sq ft and fashion house DKNY has taken a 3-year lease and will occupy Unit 4 comprising 2,015 sq ft. Unit 10 will be taken by existing occupier, CS Group, which has taken a 5-year lease on 6,125 sq ft. Rents for all deals have been agreed between £7.50 - £7.75 per sq ft.
Westcott Venture Park, which is owned by Rockspring Hanover Property Unit Trust and managed by Lambert Smith Hampton, is now home to 75 businesses employing over 500 people. This represents a 14% increase in occupier growth at the park over the last two years.
The Century Court development was commissioned when the economy was emerging from the recession and when speculative development could have been perceived as a bold move. Westcott Venture Park had been running at a 95% occupancy rate for some time and had significant interest in land and facilities at the park. This interest, coupled with the lack of Grade A space in the region prompted the Fund to accelerate its investment in the park by developing Century Court.
Nigel MacKenzie, project manager at Westcott Venture Park explains: "We are delighted to have agreed these lettings within such a short period following completion. With this healthy level of take-up we are looking forward to a busy 2016 with Phase II comprising 21,000 sq ft and other developments on the park starting construction.
"We will continue with our ambitious development plans so that we can retain and attract the many companies that choose to be part of Westcott Venture Park’s thriving business community. It’s exciting to be taking the park forward into a fresh development phase and it’s great to see a speculative development of this quality now completed and letting quickly."
For further information regarding the remaining units at Century Court please contact Kevin Wood at Lambert Smith Hampton on 01865 200244 or via email on kwood@lsh.co.ukor Kirk Clifford at Brown & Lee Clifford Billings on 01296 420637 or via email on kirk.clifford@brownleecb.com
