20,387 SQ FT New HQ in Staines for Mallinckrodt Phamaceuticals

Legal & General Property, on behalf of its Managed Fund, has secured Mallinckrodt Pharmaceuticals Limited as its latest occupier at 3 Lotus Park in Staines-upon-Thames. The deal was signed post the EU referendum, providing evidence of an encouraging local market.

Mallinckrodt has taken the entire second floor of the building, totalling 20,387 sq ft, on a ten year lease at a yearly rent of £703,352 (£34.50psf) for their new UK headquarters.

3 Lotus Park is within walking distance from Staines town centre, providing 68,448 sq ft of Grade A office space. Staines is seen as being one of the key office centres in the western corridor and is within easy reach of Heathrow, the M25 and Central London.

Hanover Green acted for Legal & General on this transaction.

Mark Russell, Fund Manager of the Managed Property Fund, Legal & General Property, said: “This deal provides a fillip to the wider Thames Valley occupational market, demonstrating that for the right space tenants will continue to make meaningful lease commitments to allow their future business development. 3 Lotus Park provides high quality office accommodation in an enviable location, and we are delighted to welcome Mallinckrodt Pharmaceuticals to the building for their new UK headquarters.”

Kevin Hawthorn of Hanover Green said: “The rent per sq ft achieved on this letting is the highest in Staines and is indicative of the upward rental trend for Grade A office space in the Thames Valley. We are confident of securing at least a similar rental level for the remaining 46,500 sq ft at 3 Lotus Park.”