Bupa specifies refurb under business space leasing agreement

Friday, March 05, 2010

Business space leasing deal agreed in Brighton for Bupa.

By Ashley Brunskill

Bupa Insurance Services has made a property investment deal and taken on a new 15-year lease in Brighton.

The 45,000 sq ft office space at Invista Foundation Property Trust's (IFPT) Victory House will have a rent equating to £21.50 per sq ft.

Under the business space leasing agreement Bupa has stated it will move into the building only if the offices are refurbished to its specification.

It was also announced by IFPT that Mott MacDonald will take 36,688 sq ft on a new 15-year lease with a yearly rent of £790,000.

Commenting on the announcements, Duncan Owen, IFPT chief executive, said: "The attractive terms achieved in a challenging letting market reflect the high quality of this prime office building in Brighton."

Research by Invista Real Estate Investment Management published in January showed that capital values are expected to stabilise over the next six months.

Indeed, capital values rose by 1.5 per cent during the third quarter of 2009.

Source: ask-re The Property People LLP