Hillview Real Estate signs four leases as demand for out-of-town office space picks up

26 May 2021

Hillview Real Estate, the UK regional office investor, has signed lease agreements, totalling 23,000 sq ft, at four buildings, reflecting the pick-up in demand for out-of-town office space.

The lease agreements are:

  • Rivus Fleet Solutions has taken 11,701 sq ft on a 10-year lease at Kings Court, a fully let development of high-quality office units at Birmingham Business Park
  • JVCKENWOOD UK has taken 5,285 sq ft on a five-year lease at a rent of £26.07/sq ft at Belfry Business Park on the edge of Watford; this letting follows that in December 2020 to SpaMedica, which took 7,396 sq ft on a 10-year lease, meaning that Belfry Business Park is now fully let
  • Jeremy Benn Associates has taken 3,972 sq ft on a five-year lease at the newly refurbished Phoenix House at Centre Park, Warrington
  • Amaro Signalling has taken 2,020 sq ft on a five-year lease at a rent of £16.50/sq ft at Meadway Court in Stevenage

Kings Court at Birmingham Business Park and Belfry Business Park, Watford, were acquired for Hillview Partners Property Fund III, the company’s new £300 million value-add regional real estate fund. Phoenix House, Warrington, and Meadway Court, Stevenage, are held in Hillview Partners Property Fund I.

Nadav Livni, managing director of Hillview Group and fund manager of Hillview Real Estate, said: “We are at an inflection point in the return to office work.  These four lease agreements reflect the pick-up in occupational activity and endorse our regional office strategy.

“Based on our active dialogue it is evident that tenants are keen to engage and seeking to adapt offices to their evolving requirements. The key factors in their choice of space is a well-located office with access to a range of amenities. In the post-Covid environment, we are able to offer tenants convenient locations, occupational flexibility, local amenities and the ability to drive or cycle to work”.

Hillview Real Estate was advised by Savills and KWB at Kings Court, Stimpsons and Bray Fox Smith at Belfry Business Park, Roberts Vain Wilshaw at Phoenix House and Brown & Lee and Brasier Freeth at Meadway Court.