Early letting success for Kennedy Wilson Europe in Frimley gives boost to M3 office market

Kennedy Wilson Europe Real Estate Plc (LSE: KWE) has let the 16,468 sq ft ground floor offices at Theta House, Lyon Way in Frimley to Surrey and Borders Partnership NHS Foundation Trust in a boost for the M3 office market.

The offices are undergoing a major refurbishment with completion due in the next few weeks.

The NHS trust has agreed a 14 year lease with a tenant break option in year seven at £22 per sq ft, joining Amer Sports which occupies the first floor. Following this letting to the NHS trust, Theta is now 66% occupied, with only the 16,700 sq ft refurbished second floor offices available to let at a quoting rent of £23.50 per sq ft.

Giles York, asset manager at Kennedy Wilson Europe, commented: “We acquired Theta having recognised a number of opportunities to drive value and the letting of void space, as well as the strong fundamentals offered by the Frimley area.  Since acquisition we have undertaken a significant asset management programme resulting in the swift letting to the Surrey and Borders Partnership NHS Foundation Trust, and successfully driving up headline rents. There is interest from a number of occupiers in the remaining space”

Hanover Green and Hurst Warne are the letting agents and advised Kennedy Wilson Europe. Bilfinger GVA acted for the NHS.