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Commercial Property News
Bupa signs deal for Brighton business property
Bupa International has signed a deal with the Invista Foundation Property Trust that will see it take 45,000 sq ft of business property in Brighton.
The healthcare company has agreed a 15-year lease on a portion of Victory House in Trafalgar Place, with rent equating to £21.50 per sq ft.
As a result, Invista has now fully let the 82,000 sq ft building, which was the biggest void in the trust's commercial property portfolio.
However, the deal has helped bring its overall vacancy rate down to 8.2% from 11.7%.
Under the terms of the agreement, Invista will refurbish the building to meet Bupa's needs, which is expected to cost £2.9 million.
Mott MacDonald, existing occupier of part of the building, has also agreed a deal with Invista, signing a 15-year lease that has pushed the yearly rent produced by Victory House up to £1.75 million.
As of September 30th 2009, Invista's total portfolio, which consists of retail, office and industrial commercial property, was valued at £442.3 million.
The healthcare company has agreed a 15-year lease on a portion of Victory House in Trafalgar Place, with rent equating to £21.50 per sq ft.
As a result, Invista has now fully let the 82,000 sq ft building, which was the biggest void in the trust's commercial property portfolio.
However, the deal has helped bring its overall vacancy rate down to 8.2% from 11.7%.
Under the terms of the agreement, Invista will refurbish the building to meet Bupa's needs, which is expected to cost £2.9 million.
Mott MacDonald, existing occupier of part of the building, has also agreed a deal with Invista, signing a 15-year lease that has pushed the yearly rent produced by Victory House up to £1.75 million.
As of September 30th 2009, Invista's total portfolio, which consists of retail, office and industrial commercial property, was valued at £442.3 million.
Fri, 5th Mar 2010