CIT hook's two new tenants at Form 2.

31 October 2008

CIT, advised by Strutt & Parker and Hollis Hockley, has let Form:2, Bartley Wood Business Park, Hook, Hampshire, in its entirety to two separate tenants.  The lettings, totalling 45,313 sq ft, have achieved headline rents not seen in the Hook office market since the dot com boom of 2000.

Details of the lettings are as follows:

·                     The ground floor, which consists of 23,698 sq ft, has been let to international management company Serco on a 7.5 year lease at a rent of £21.00 per sq ft.  Serco were unrepresented.

·                     The first floor, which consists of 21,615 sq ft, has been let to Lenovo on a 10 year lease at a rent of £20.50 per sq ft.  CBRE represented Lenovo.

Form: is a unique office development comprising of two buildings of which Form:2 is now fully let.  Form:1, which consists of 74,188 sq ft, is currently available at a quoting rent of £23.50 per sq ft.  The buildings are located on Bartley Wood Business Park at the edge of Hook which is less than a mile from Junction 5 of the M3.

Richard Bains of CIT comments:

"Following the purchase of the buildings in early 2008 we completed a refurbishment to allow their inherent quality to be best illustrated.  We feel our decision to invest in these properties has been rewarded with swift lettings and we're delighted to welcome two household names to the scheme."

Jeremy Nokes of Hollis Hockley said:   "These lettings bear further testimony to the messages being given by both our Farnborough and Basingstoke offices that supply of Grade A stock is diminishing fast throughout the central M3 corridor which will lead to stock shortage and rental growth in late 2009 and 2010.  We are confident that further interest will emerge in respect of Form:1, which is available as a whole or in units from 13,000 sq ft, in the coming months.''