Legal firm Trowers & Hamlins and wealth manager Rathbone Investment Management, have committed their immediate future to The Senate, a prime 69,211 sq ft office building in central Exeter.
Trowers and Hamlins has signed a 10-year lease extension across 22,573 sq ft, while Rathbone has signed a new direct 10-year lease across 3,735 sq ft. The lettings have led to an increase in net income and moved the weighted average unexpired term of the investment from two to six years.
Tom Newman, Fund Manager at Schroder Real Estate, said: “We are delighted to have worked with both Trowers & Hamlins and Rathbone to agree deals that satisfy their requirement and it is pleasing to see their continued and long-term commitment to the building.
“The Senate is widely regarded as the best office building in Exeter and is consistent with the strategy of the Regional Office Property Unit Trust to acquire high quality office building, let to good covenants, in undersupplied towns and cities with strong and diverse economies.”
Simon Meredith, Head of Lease Consultancy at CBRE Bristol, who acted on behalf of Schroder Real Estate, added: “This commitment demonstrates the value both companies place in being located at The Senate, which offers high quality office space in a central location. Businesses are continuing to realise the benefits of Exeter as a place to locate their offices – a trend that’s being reflected by the city’s rising rents.”
Schroders Regional Office Fund acquired The Senate in 2017 in a £15.5 million transaction.
