Bracknell: Arlington Square nets hat-trick of lettings
In January, Quest Software committed to take the ground floor comprising 13,000 sq ft on a 10-year lease at £23 per sq ft, which was agreed, back to back with the surrender of half the floor by the previous occupier.
This follows lettings to software companies Ivanti and Saba Software in Q3 and Q4 2017 on 10 and five-year leases respectively.
Ivanti has taken 13,500 sq ft on the second floor at a rent of £23.50 per sq ft, while Saba Software has taken 6,675 sq ft over part of the third floor at a rent of £24.50 per sq ft. The building now approaches full occupancy with only 5,680 sq ft remaining.
Arlington Square is a 22-acre urban business park adjacent to Bracknell town centre, located within easy access to the M3, M4, M25 and Heathrow Airport.
In August 2017, Strutt & Parker, now BNP Paribas Real Estate, advised Goodman Group and Legal & General on the sale of Arlington Properties and its portfolio of UK business parks to TPG for circa £450 million.
Daniel Pagella, commercial director at Arlington, said: “This trio of lettings on market-leading terms further confirms Arlington Square’s credentials as Bracknell’s prime business location. We offer some of the best quality, award-winning accommodation within walking distance of Bracknell’s fantastic new town-centre. As the continued appetite of occupiers shows, Arlington Square is tremendous value compared to our competition in neighbouring towns where rents are 50 to 60% higher.”
Jeremy Metcalfe, national office markets agency at BNP Paribas Real Estate, said: “We are delighted to have completed these lettings to three high-quality tech occupiers who join a diverse community of businesses across the park. The lettings add to strong and sustained levels of take-up in Bracknell, which, combined with a reduction in stock due to permitted development has seen a significant fall in the town's vacancy rate in recent months. We expect to see good rental growth in the next two years as a result."
Arlington was advised by BNP Paribas Real Estate. BNP Paribas Real Estate is the letting agent for Three Arlington Square. CBRE represented Quest Software.
Source: CoStar
