Strutt & Parker - Offices Letting - St Albans, Hertfordshire

Date: 01 Apr 2008

Strutt & Parker acting on behalf of CCLA Investment Management Ltd, fund managers for The CBF Church of England Property Fund, has let Tonman House, 63 - 77 Victoria Street, St Albans, Hertfordshire, to Faber Maunsell advised by Masons Property Advisers. The international building, transportation and environmental consultant has taken Tonman House in its entirety on a 10 year lease at a rent of £22.35 per sq ft in conjunction with a capital payment in lieu of a rent free period.

The building was formerly occupied by the NHS who exercised their break in June 2006 and CCLA agreed with Faber Maunsell to carry out a refurbishment of the building shortly after they vacated to provide 20,855 sq ft of office accommodation spread over ground and two upper floors - the scheme is due to be completed in April 2008. As part of the transaction CCLA agreed to incorporate a chilled beam air conditioning system, the additional cost of which was financed by Faber Maunsell paying a higher rental.

Gerard Williams at CCLA, comments:
"This is a great letting for the fund as we have filled the potential void almost simultaneously with vacant possession. The refurbishment will provide a new chilled beam air conditioning system that is in keeping with the anticipated energy efficient buildings for the future."

Jamie Renison, Partner, Strutt & Parker National Markets - Office Agency, adds:
"We are witnessing an upsurge in take-up in the north M25 area which has reduced the amount of grade A office accommodation now available. St Albans in particular is leading rents in the North M25 with a headline rent of £25.00 psf now achieved at Centrium.

Related website: Strutt & Parker

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