Shearwater GeoServices Limited, a global geophysical survey business, has expanded its presence in Gatwick with the acquisition of a further 8,412 sq ft at 2 City Place, south of the airport perimeter.
Shearwater GeoServices is headquartered in Bergen, Norway, and this transaction marks the latest expansion of its Gatwick operation, which now extends to the entire 21,000 sq ft Ground Floor at 2 City Place.
The tenant now holds a single lease to 2030 on the entire floor, at an average rental of approximately £25.50 psf from landlord Royal London Asset Management.
City Place comprises 85,250 sq ft of high quality office space in Crawley’s premier business location, situated within one mile of Gatwick Airport’s South Terminal. Adjacent occupiers include the UK headquarters of Nestlé, Novo Nordisk, Air Partner, Chapman Freeborn, Lloyds Bank, Santander and BDO.
Will Foster of Knight Frank, leasing agent for the landlord, comments: “This latest expansion by a leading international business confirms the quality of this asset, the strong critical mass at City Place of blue-chips such as Nestle, BDO, Novo Nordisk and CAA, and its location directly adjacent to one of the world’s largest airports, with excellent road and rail infrastructure.
“Contrary to some headlines over the past 18 months, the Gatwick and Crawley office market is showing healthy levels of activity, and with top-quality stock still scarce locally, top of the range buildings are seeing strong rental growth. The forthcoming refurbishment of upper floor accommodation within the building will allow 2 City Place to capture occupiers’ continued appetite for best in class office property.”
Mick Richardson, Shearwater GeoServices, comments: “We are delighted to expand our office in Gatwick, bringing our UK employees into one location. It is important for us to have a modern, environmentally friendly office, in close proximity to air travel and other transport connections to support our active global business.”
Will Hawking, Senior Asset Manager at Royal London, comments: “This important letting underlines the strategic position of our building close to numerous modes of transport, together with the high quality space delivered. We are delighted that Shearwater has chosen to expand their operations at 2 City Place.”
Royal London Asset Management has circa 32,000 sq ft of accommodation remaining at 2 City Place and is anticipating refurbishment and delivery of the refreshed space in early 2022.
Royal London was advised by Altus Group and Knight Frank.
