Clearbell Capital, the private equity real estate fund manager, has announced it has let 27,309 sq. ft to Regus at CC3, Churchill Court in Crawley.
The serviced office provider has signed a new 15-year lease with break in year 10 on the whole building and will pay an annual rent of £682,201, equating to £25.50 per sq. ft (£274 per sq m).
The deal follows the £4 million refurbishment of CC3 undertaken by Clearbell to reposition the office as a flexible Grade A and EPC A asset. This comprehensive back to frame refurbishment included an architecturally designed entrance and reception, new glazing at ground and first floor levels, new M&E, raised floor and LED lighting, among other improvements.
Churchill Court is a self-contained campus of three buildings totalling 106,000 sq. ft prominently located at the junction of Manor Royal and Gatwick Road.
Duncan Jarvis, director at Clearbell, said: “We are delighted to have let CC3 following the £4M speculative refurbishment in what is the largest single office letting in the Crawley/Gatwick market for over two years. The letting to Regus further improves their offering in the South East, most notably in Manor Royal, a prime business hub for the region. CC3 offers high quality flexible office space which will assist Regus in attracting high-quality clientele.”
Andrew Birtwistle, development director IWG, plc said: “CC3 will establish the Regus brand in a very prominent location within the successful Crawley Manor Royal business district. We very much look forward to the new centre opening later this year.”
Councillor Peter Smith, cabinet member for planning and economic development at Crawley Borough Council, said: “This is wonderful news for the Manor Royal Business District. This significant commitment shown by Regus is testament to the hard work of the Manor Royal BID and the council to improve the area and make it an attractive proposition for incoming businesses.”
Churchill Court was acquired by Clearbell as part of the Chalk portfolio, comprising seven office assets in the South East. Clearbell made its first acquisition to the Chalk portfolio in 2014 and has since aggregated a South East office portfolio, taking advantage of the ripple effect of London office rents.
Clearbell was advised by GVA, Vail Williams and SHW. Regus was advised by Vail Williams.