Lambert Smith Hampton, acting as joint agent with Haslams, has secured a tenant that delivers the holy grail of requirements for its clients Canmoor and UBS Triton Property Fund at Worton Grange, Reading.
HSS Hire, the industry leading tool and equipment hire operator, took a long term lease of 15 years on unit 6, a 47,700 sq ft warehouse, at a rent of £8.25 per sq ft.
HSS Hire required a new distribution centre in the Thames Valley and had previously been in discussion with a view to taking a build-to-suit unit in Bracknell. However, the timescale to deliver the new building could not fit with their requirements.
Worton Grange, asset managed by Canmoor, was purchased by UBS Triton Property Fund at the start of 2014. The prime 29 acre estate consists of both offices and distribution units, located just 0.5 miles from J11 of the M4.
The letting of unit 6 has resulted in the estate being fully let for the first time in recent history.
Philip Hunter, Director for Lambert Smith Hampton, explained: “We are delighted to have secured HSS Hire as a new tenant on the estate. The deal agreed in this case provides evidence of the significant hardening of terms that we have seen in the region over the past 12 months. There is now an acute lack of supply across all size ranges, providing an extremely compelling case for speculative development”.
