HMRC agrees major new lease on 13 floors of Grade A office space
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HM Revenue and Customs (HMRC) has completed one of the largest office deals in the Midlands this year by agreeing a new lease on 112,256 sq ft of Grade A space.
The letting comprises 13 floors across One and Two Telford Plaza, which collectively represent Telford’s prime business location.
Leases have been taken on terms of nine to 10 years, off an asking rent of £12.50 per sq ft.
GVA acted for HMRC, with Bulleys Bradbury acting for the landlord, Telford Plaza UK. The deal is thought to be the largest of its kind in Shropshire for a decade.
GVA’s initial instruction was to negotiate terms for the acquisition of a single 12,000 sq ft floor in Two Telford Plaza. Additional instructions were then received for 66,147 sq ft across One and Two Telford Plaza, followed by a third instruction for a further 34,056 sq ft.
Andrew Venables, GVA, said: “The quality of the space Telford Plaza offers HMRC is exceptional value for money. This is a significant letting for the Telford market both in terms of the profile of the occupier and the quantum of the space that has been transacted.
“This deal has developed from our initial instruction to acquire a single 12,053 sq ft floorplate in Plaza Two and working with the landlord’s agent, Bulleys Bradbury, we were able to ensure that Telford Plaza was able to accommodate the growing requirement for high quality, cost effective office space.”
Richard Bradbury, of Bulleys Bradbury, said: “This is an outstanding letting for the Telford market generally and for Telford Plaza specifically. The landlord is naturally very pleased to have an occupier of the calibre of HMRC on site and we have been working closely with GVA throughout this process.
“This letting, together with further recent lettings in the building, has resulted in both Plaza One and Two now being fully let and occupied, preserving a significant number of valuable jobs in the town.”
The acquired space will be used by HMRC to consolidate a number of existing offices.