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TH Real Estate secures biggest office letting in Redhill

TH Real Estate, on behalf of its UK Property Fund, has secured the biggest office letting in Redhill so far this year.

The first floor of Forum House, Redhill, has been let to Independent Commercial Broking Limited (IBC). IBC took the 6,116 sq ft (c.568 sq m) floor on a new 15-year lease, following a refurbishment of the space last year, at a starting rent of £19 per sq ft rising to £20 per sq ft. Alchemy Asset Management, oversaw the refurbishment and letting activity.

TH Real Estate bought Forum House from a private owner in June 2014, at which time it was 60% vacant. Selective refurbishment of the vacant space, as well as the common parts, has seen the building’s letting prospects significantly improve.

The Fund has also re-structured the lease to Handelsbanken, who occupy space on the ground floor.

TH Real Estate was represented by Alchemy Asset Management, Altus Maxwell Brown and Hurst Warne. IBC was represented by Arkwright & Co.

David Pearce, Fund Manager for TH Real Estate, says: “This letting, achieved on a long lease at a healthy rent, justifies our decision to refurbish and realise the building’s potential. With an increased number of enquiries this year and a tightening supply, we are positive about the prospects for letting the remaining space.”

Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services.

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