Kennedy Wilson Europe Real Estate Plc has let the 16,468 sq ft ground floor offices at Theta House, Lyon Way in Frimley to Surrey and Borders Partnership NHS Foundation Trust in a boost for the M3 office market.The offices are undergoing a major refurbishment with completion due in the next few weeks.
The NHS trust has agreed a 14 year lease with a tenant break option in year seven at £22 per sq ft, joining Amer Sports which occupies the first floor. Following this letting to the NHS trust, Theta is now 66% occupied, with only the 16,700 sq ft refurbished second floor offices available to let at a quoting rent of £23.50 per sq ft.
Giles York, asset manager at Kennedy Wilson Europe, commented:
“We acquired Theta having recognised a number of opportunities to drive value and the letting of void space, as well as the strong fundamentals offered by the Frimley area. Since acquisition we have undertaken a significant asset management programme resulting in the swift letting to the Surrey and Borders Partnership NHS Foundation Trust, and successfully driving up headline rents. There is interest from a number of occupiers in the remaining space”
Hanover Green are the letting agents and advised Kennedy Wilson Europe.