AXA Insurance UK plc has restructured its existing leases over the fourth to sixth floors totalling 22,268 sq. ft. and has increased its presence in the property by taking a new lease on the previously vacant seventh floor of 5,399 sq. ft. It now occupies around 32% of the office accommodation at a total rent of £664,008 per annum. Each lease is for a ten year term with a five year tenant only break option.
This transaction follows the recent successful letting of the lower ground floor to David’s Bridal, results in the building being approximately 95% let with only 5,328 sq. ft. available, and improves the income stream and capital value of the asset.
Calum Bruce, Director of Investment at Ediston Properties Limited, the Company’s Investment Manager, said: “This letting continues the successful asset management of the building following the completion of the refurbishment. The transaction reaffirms AXA’s commitment to St Philips Point and underscores the quality of the product on offer.“