Over the course of Q2, we completed three new lettings at CPF’s office holdings in Brighton.
At International House, situated immediately adjacent to Brighton train station, we negotiated a simultaneous surrender from Capita and a new lease to Octopus Energy. The lease to Capita was surrendered two months early to facilitate the new letting in exchange for a premium and dilapidations settlement from the outgoing tenant. The new short term lease to Octopus Energy is at an increased rent of £155,316 per annum, up from the £132,300 per annum previously paid by Capita (+17.4%).
At Aspect House, which has recently been refurbished, we completed two new leases on the third and fifth floors. The first was to Jarltech Europe on the third floor at a rent of £128,096 per annum, which is 60% ahead of the rent paid by the former tenant and a week later we completed a lease on the fifth floor to Teladoc Health UK Limited at a rent of £94,221 per annum, an increase of 39% on that paid by the previous tenant.
Despite the obvious headwinds facing the office sector, there are pockets of deep occupier activity in prime locations such as Brighton which is translating to rental growth.