Office letting shows ‘strength of market’

A security firm has signed a lease on a Redditch office building, a deal completed in less than a week on behalf of its developer.

Worcestershire commercial property consultancy and chartered surveyors GJS Dillon acted on behalf of St Modwen to let 7 The Oaks on Clews Road to Cava Security Services on a new lease at a guide rent of £15,000.

Unit 7 is a 1,369 sq ft, modern, purpose built, end of terrace, two storey office building, situated at the centre of The Oaks office scheme, a modern development to the east of Clews Road within the Woodrow district.

Charlie Green, commercial negotiator at GJS Dillon, said: “With an office vacancy rate of only 5.4% in Redditch pushing up rents by around 10% a year, it’s no wonder that this modern, well located office building was snapped against good competition less than a week after going on the market.  Redditch is an excellent business location with first-rate communications and a flexible workforce.

“St. Modwen is one of the county’s most active developers and it was a pleasure to work alongside their asset management team to achieve a good result for all parties in such a short space of time.”

Gemma Butler, asset manager at St Modwen, added: “We are delighted that GJS Dillon secured a new tenant for our office in Redditch within such a short timeframe.  This is not only a testament to the strength of the office market but to the professional service received from GJS Dillon during this matter.”