Acting on behalf of Braintree District Council, national commercial property consultancy Lambert Smith Hampton (LSH) has completed the largest single office letting in Essex in the last 10 years.
Mayland House in Witham has been let in its entirety to Cofunds, which operates the UK’s largest independent investment platform. Advised by Gerald Eve, Cofunds has signed a new 15 year lease on the 70,444 sq ft building and will relocate from Chelmsford towards the end of the year. Around 600 staff will make the move to the new premises.
Paul Bullock, Associate Director in LSH’s Chelmsford office, commented: “This is a significant deal for Witham and the wider Essex office market, with a prominent tenant committing to the area. With Cofunds’ lease on its existing building coming to an end, this was an ideal opportunity to upgrade its business premises and allow for future business expansion. Mayland House is arranged over four storeys and was built around 1980. It is to be substantially refurbished, upgraded and fitted-out ready for Cofunds’ arrival later in 2013.”
Martin Davis, Chief Executive Officer of Cofunds, added: “Our architects are working-up some exciting designs for the extensive refurbishment of Mayland House, and we see great potential for really putting our mark on the building to make it a ‘home’ fit for our long-term plans. We’re very much looking forward to working with local businesses so we can really be a part of the Witham community.”
Paul concluded: “The wider Essex office market has got off to a positive start in 2013, with an encouraging level of occupier interest and activity. As with many other UK centres, the shortage of grade A stock will be the main challenge for occupiers seeking new space. This will therefore maintain the pressure on landlords to refurbish secondary stock in order to meet the expectations of the modern office occupier.”
