CB Richard Ellis, on behalf of clients of Aberdeen Property Investors ("API") has let over 80,000 ft² (7,400 m²) of high quality office space to BUPA, at their Pine Trees development in Staines. BUPA has leased the space in two phases. The first phase comprises the letting of the newly built 34,000 ft² Unit 3 which they will move into during 2009. The building has been let on a new 16 year lease at a head line rent of £31 per ft² (approx 33/ft²).
The second phase will take place after BUPA has fitted out and moved into unit 3 when API's clients will take back the existing BUPA lease over Unit 4 and redevelop the building to create a new 47,000 ft² unit including a full height atrium which will connect the two buildings and act as the new entrance.
BUPA has signed an agreement to lease Unit 4 for a term coterminous with Unit 3 at a head line rent of £29 per square foot.
Matthew Bolton, Director of Asset Management at API, said: "We are delighted to have been able to work with BUPA to help them develop their property strategy; this deal is a very good example of how a close relationship between Landlord and Tenant can result in lateral thinking leading to a mutually beneficial solution."
NB Real Estate advised BUPA. CB Richard Ellis and Jones Lang LaSalle are joint letting agents for Aberdeen Property Investors.