Letting at Lotus Park, Staines

McKay Securities PLC is pleased to announce the letting of Lotus 1, totalling 15,190 sq ft, at Lotus Park, Staines to Dow Chemical Co. Ltd on a 15 year FRI lease with a tenant only break clause at the end of year 10. The contracted rent is £425,180 pa, equivalent to £28.50 psf.

McKay acquired Lotus Park in 2005 and negotiated a surrender of the leases held by IBM in respect of Lotus 1 and Lotus 2 with terms expiring in 2014. The buildings front on to the eastern end of The Causeway, which is the prime office location in Staines. A comprehensive refurbishment of both buildings completed at the end of last month which included the addition of glazed reception areas, replacement curtain walling and roof coverings, new mechanical and electrical systems including air conditioning, new WC and internal finishes and an upgrade of external planting and signage. Lotus 2, which totals 19,600 sq ft, is available to let.

Commenting on the letting, Simon Perkins, Managing Director of McKay said “the rent achieved is a good step up from that payable prior to the surrender, and we have secured a longer lease term in an improved building. The supply of Grade A offices remains limited in Staines and the prospects for Lotus 2 look encouraging”.

Vail Williams and Savills represented McKay Securities PLC and CBRE represented Dow Chemical Co. Ltd.