20 CHAPEL STREETNovember 26, 2020
In 2015, the building was 40% vacant and the rents lay at around £16.50 per sq. ft.
The building had suffered from problems with the original cladding installation since completion in 2006 and the complex remedial works had been ongoing from 2016 with completion expected in early 2021. Despite this, we have undertaken 9 lettings since 2015 comprising 77,000 sq. ft. in total to companies including Mason Owen, Park Group, Auto Networks, Park Group, Idox and Goldsmith Williams.
The most notable letting was to Park Group who took two floors comprising 26,000 sq. ft. in 2019. This letting also involved surrender negotiations with an existing tenant (who we knew were downsizing) in order for it to proceed.
Over the period, we have helped take rents from £16.50 per sq. ft. to £21.00 per sq. ft. and are now working on letting the remaining 7,000 sq. ft. for Square Ape.