Three lease renewals completed following £300k refurb
The Derwent Group has completed a £300,000 refurbishment of Lancaster Business Park’s Building 11 office space and secured three lease renewals from existing tenants totalling 14,300 sq ft.
The four-month refurbishment of the park’s three-storey Building 11 included work to the roof, exterior, entrance lobby and common areas, as well as dividing space on the first floor into two office suites and readying the ground floor for a similar configuration.
Andrew Day, senior asset manager at The Derwent Group, said: “We know that occupiers in the Lancaster area are typically seeking high-quality space in the sub 5,000 sq ft size bracket, so we wanted to meet that need by reconfiguring the available space in Building 11.
“The refurbishment has brought the building in line with current market demand and thanks to its strong location close to junction 34 of the M6, direct parking and plenty of amenities on site, we expect this to be a popular choice for local SMEs and start-ups.”
Over the past two months, three tenants at Lancaster Business Park have renewed their leases.
Ascentis has renewed its 7,300 sq ft lease for three years, NFU Mutual has extended its 2,000 sq ft lease for 10 years and Independent Contractor Services (ICS Accounting), which occupies the first floor of Building 11, has renewed its 5,000 sq ft lease for three years.
Andrew added: “Lease renewals on 14,300 sq ft of space reflect the strength and potential of the park as a whole.”
John Lyon, managing director at ICS Accounting, said: “Our decision to renew the lease at Lancaster Business Park was made easy as the location works well for our employees and our clients, alike. The refurbishment has improved the space as well as the overall look of the building.”
Lancaster Business Park currently has 15,000 sq ft of space available, ranging from 1,200 sq ft to 5,000 sq ft. Stratos PDI and Eckersley are the agents.
The Derwent Group is part of the Albert Gubay Charitable Foundation and operates in the retail, leisure, industrial and commercial sectors.
The group owns and manages 2.8 million sq ft of commercial property, including 1.7 million sq ft of retail and leisure space.