07/02/2017

Demand for town centre offices in Woking – success at 1 Crown Square

POSTED IN General

Acting on behalf of McKays Securities, Wadham and Isherwood have concluded a series of lettings at 1 Crown Square, Woking.

McKays have recently undertaken a comprehensive program of refurbishment of the entrance hall, common parts and vacant floors in the building and although the refurbishment is not due for completion until the end January, the quality of product and opportunities created, have enabled McKays to conclude a series of lettings which has seen rents improve from around £17.50 per sq.ft per annum exclusive up to £25.00 per sq.ft in the last 12 months.  The two vacant 5th & 6th floors each total approximately 8000 sq.ft and McKays as part of their refurbishment have taken the initiative to create a series of smaller rooms and suites on the 5th floor of the building providing common kitchen facilities and a meeting room for that floor whilst offering the 6th floor in its entirety.

A pre-letting of 3000 sq.ft on the 5th floor was achieved in July with a letting to Haier (Europe) Ltd and subsequentially deals have been concluded on that floor with Brokers Gin (500 sq.ft), Page Capital (300 sq.ft.), Research Analytical (600 sq.ft.) the entire 5th floor bar 1500 sq.ft. completely let prior to completion of the works.

In addition, McKays have now concluded a letting of the entire 6th floor (7850 sq.ft.) to Resorthopper Ltd on a 10-year lease subject to a tenant only break at the end of the 5th year of the term and a mutual break at the 7thyear of the term on six months prior notice at a rent of £24.00 per sq.ft. per annum exclusive was agreed together with a rent-free package equating to approximately 12 months.

Commenting on the deals, Peter da Silva said

“The success of the lettings at One Crown Square Woking have been largely down to the quality of the refurbishment undertaken by McKays as well as the tailoring of the product to market demand. One Crown Square is almost the only building in Woking town centre that provides high quality accommodation for small and medium size businesses looking to locate their offices in a building that provides the grown up, professional and high end image required.”