IM Properties has set a new rental tone at the Capability Green business park in Luton having secured a letting to Oracle Corporation.
The full 10,800 sq ft top floor of Building 400 Capability Green – which has been fully refurbished by IM Properties – has been let to the hardware and software engineering IT firm on a 10 year lease. IM Properties achieved its quoting rent of £18.50 per sq ft.
IM Properties acquired three buildings on the 85 acre site – 400, 450 and 475 – in 2008 and has since undertaken a comprehensive, £1 million refurbishment of Building 400, bringing it up to Grade A standard and installing a contemporary reception and redesigned entrance.
Existing occupiers in Building 400 include Ernst & Young and TMF.
David Cook, IM Properties, said: “This letting to Oracle was secured only three months after completing refurbishment, which is a testament to the quality and desirability of the building and Business Park as a whole. It also demonstrates our commitment to investment in our real estate assets in order to ensure that we can fulfil their potential and secure the very best occupiers.
“In line with our ongoing strategy to develop and add value to our strategic pipeline we will shortly be undertaking a similar programme of works at Building 450, delivering further quality Grade A office space at this desirable business park location.”
Providing 750,000 sq ft of office space, Capability Green is located just two miles from both Luton Airport and Luton Town Centre, with London St Pancras only 30 minutes away by train.
Capability Green features landscaped gardens, 24 hour security and a range of facilities including a café, gym, hotel and nursery.
Joint agents for the scheme are Savills and RARE.
