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17 June 2005
The continuing preference of office occupiers for locations offering access to amenities and public transport has been highlighted by the letting of Churchfield House, Weybridge.
The new 15,600 sq ft joint venture development by Countryside Properties PLC and District Estates, located in Weybridge Town Centre, has been let to IDIS Ltd, the world’s leading buyer and seller of unlicensed medicines for the pharmaceutical and medical industry for their new global headquarters. IDIS have agreed a new 11 year lease, with a six year break, at a rent of £25.00 per sq ft.
IDIS, who will be relocating from Surbiton, join an increasing number of international companies who have moved to Weybridge over the last year including Alliance Unichem, KIA Motors and Verity Group.
The investment has subsequently been sold to Threadneedle Property Unit Trust for £5,800,000, reflecting a yield of 6.36%, one of the strongest yields achieved for a flexible lease.
Mark Chatham, Director for Countryside Properties, commented: “We have always believed that we had the right product in the right location. This belief has been justified with the town centre location winning out over competition from the surrounding business parks.”
Holley Blake and Hurst Warne acted on behalf of Countryside Properties and District Estates, Stiles Harold Williams represented IDIS . Conway Relf advised Threadneedle Property Unit Trust.
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Information correct as at 17/06/2005