LaSalle Investment Management has exchanged contracts with Bridgecore Developments to forward fund the first phase of an 110,000 sq ft radiotherapy centre of excellence pre-let to Elekta for £42 million.
It marks one of the M25’s largest office deals in the last five years.
The Cornerstone site, which adjoins Elekta’s existing UK headquarters in Manor Royal, was acquired by Elekta in 2013. Detailed planning consent was secured for two landmark offices totaling 150,000 sq ft in February 2015.
LaSalle and Bridgecore will be working in partnership with Elekta, to create a centre of excellence, to ensure the continuance of its many oncology treatments. The first phase will consist of 110,000 square feet of offices and a 387 space multi story car park due for completion in August 2017 with Bridgecore also undertaking the fit out. LaSalle has the option to fund the 40,000 sq ft second phase.
The new office development will integrate with Elekta’s existing site on Manor Royal. This is the site where the world’s first commercially-produced linear accelerator (linac) was invented and the current version is designed and manufactured.
On completion of the premises, Elekta will take a new 20-year FRI lease, at a rent of £23.50 per square foot.
Tim Frost, National Director at LaSalle Investment Management, said: “This acquisition is an excellent example of LaSalle providing its clients with long term liability matching income through investing in high quality properties let on long leases to strong covenants with the benefit of inflationary linked rent reviews. We are working closely with Elekta and Bridgecore to ensure the continuance of the incredibly important work of Elekta in Crawley.”
Hanover Green and Joiner Cummings acted for LaSalle and Bridgecore on the forward funding deal.