Local knowledge creates "win win win" at Chineham Park
24 May 2013
Instructed by Arjo Wiggins to identify a new occupier for the residue of their lease at Unit 3 Hazelwood, Chineham Park, an 8,740 sq ft two storey office building where the lease expires in April 2014, Hollis Hockley have achieved a winning result for both Arjo Wiggins and the landlords MEPC in letting the building on a new 10 year lease with a 5th year break clause to Yortel simultaneously with Argo Wiggins surrendering its lease some 15 months in advance of the expiry date.
Following refurbishment, the building has been let to Yorktel at a headline rent of £17.00 per sq ft.
Martin Newell, of Arjo Wiggins said "We were delighted that Hollis Hockley has managed to secure such a successful outcome on this building. Having vacated the property, we were keen to minimise costs and the ability to surrender our lease early to MEPC has saved my company significant sums of money".
Yorktel, a worldwide leader in video managed services, has taken a lease on the two-storey office which has been fitted to accommodate the US-headquartered firm.
Yorktel Finance Director EMEA, Jonathan Evershed, said, "Yorktel continues to enjoy exponential growth, and as such we needed extra space for our team in the UK. Chineham Park is the perfect location for us, being well connected to the road network and both Heathrow and Gatwick airports."
Founded in 1985, Yorktel designs, integrates and manages enterprise-wide video communications solutions. From video conferencing and internal communications to streaming media and public broadcasts, Fortune 1000 corporations and government agencies in 84 countries have trusted Yorktel to create and manage their professional video productions, video communications and visual collaboration solutions.
Rupert Batho, managing director at Chineham Park, added, "
"Chineham Park has a cluster of tech and telecoms firms, proving that our location is attractive to smart, specialist technology businesses. Alongside the obvious geographic advantages, companies at Chineham Park can benefit from a highly skilled local workforce and the facilities of the best business park in Hampshire."
Andrew Newman of Hollis Hockley said "The Yorktel enquiry was identified at an early stage and negotiations progressed rapidly from initial meetings in January 2013. This is a solid result all round. Arjo have saved significant overheads for a vacant property, Yorktel have secured a very good quality new property and MEPC have secured a new long term occupier on the park".
The Hollis Hockley Basingstoke partners acted on behalf of Arjo Wiggins in the lease surrender negotiations and advised MEPC in the reletting of the property to Yorktel.