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5 February 1998
Lorien PLC, the Management Solutions and I.T. Services company, have now agreed to lease Culverdon House, comprising 2,083.7 sq.m. (22,429 sq.ft.), with 105 car parking spaces. The new lease is for a term of 15 years at a rent of £247.60 per sq.m. (£23.00 per sq.ft.) per annum with a 6 month rent free period.
Construction work is due to commence immediately. Completion is scheduled for the end of the year. This pre-letting follows Lorien's decision to lease the second phase (known as Rutherwyk House - 11,400 sq.ft.) last October. The 22,300 sq.ft. first phase was pre-let to the Gartner Group in June 1997.
The Culverdon House project has been forward funded by Cadbury Schweppes Pension Scheme at a yield of 7.15%. Rutherwyk House and the Gartner development were funded by BZW and Standard Life respectively.
Commenting, Graham Cherry, Chief Executive, Countryside Properties said, "The pre-letting of Culverdon House to Lorien PLC, before a brick has been laid is further evidence of the attraction of Chertsey as the current office hotspot around the M25. In addition to Lorien and Gartner, recent lettings to Electronic Arts, PMS Creative, Veritas UK Ltd and Sterling Software indicates that some 380,000 sq.ft. of offices has been let to computer companies in Chertsey in the last 6 months. This clearly bodes well for the rest of our Chertsey Opportunity Project."
Countryside will shortly submit a planning application for a fourth office phase in Chertsey to be known as Syward Place, which will provide a total of approximately 4,645 sq.m. (50,000 sq.ft. net) of office accommodation which can be occupied as either a single head quarters building or split into two buildings of 2,834 sq.m. (30,500 sq.ft.) and 1,812 sq.m. (19,500 sq.ft.) respectively. A start on-site is anticipated in the Autumn, with completion in late 1999.
For further information contact:
Graham Cherry, Chief Executive, Countryside Properties PLC
Tel: 01277 690 516
Switchboard: 01277 260 000
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Information correct as at 05/02/1998