Rockspring Property Investment Managers ("Rockspring") announces that it has secured the largest south east office letting outside of central London so far this year, pre-letting 90,000 ft² (8,330 m²) to Saipem at its refurbishment project in Kingston-Upon-Thames.
Kings House and Conquest House, Wood Street, Kingston-Upon-Thames, was acquired by Rockspring on behalf its UK Value fund in March 2011, as part of the St Martins south east office portfolio. With the current leases due to expire in March 2012, Rockspring has put in place plans to substantially refurbish and reposition the property once vacant, to provide 90,000 ft² of Grade A offices, with ancillary retail space on the ground floor.
Saipem, a leading multinational oil company, will take the entire lettable office space on a 15 year lease on completion of the refurbishment works, which is expected at the end of 2012. It will occupy the building as its UK headquarters, relocating from its existing premises in Motspur Park.
Richard Bains, Rockspring UK Value Fund Manager said: "This major letting, the largest deal in the regional south east office market to have completed in 2011, is a great endorsement of our strategy to purchase buildings in strong locations requiring substantial asset management. Furthermore, it underlines our belief in the imbalance between supply and demand in selected south east office markets. It is a real achievement to have secured a tenant of the covenant strength of Saipem and we look forward to delivering a new high quality building, commensurate with the image expected of a multinational corporate."
Montagu Evans acted for Rockspring and Drivers Jonas Deloitte represented Saipem.