Lease commitments totalling 55,000 sq ft increases occupancy to c. 90%
October 04, 2021 – Global real estate investment company Kennedy Wilson (NYSE: KW) has secured a new 10-year lease for c. 25,000 sq ft with cinch, the fast growing online used car marketplace, which is a wholly owned subsidiary of British Car Auctions (BCA). This brings recent lease commitments to 55,000 sq ft of Grade A office space at the Form 1 and 2 buildings at Bartley Wood Business Park in Hook.
The cinch lease at Form 2 follows additional new lease commitments with incumbent occupiers William Grant & Sons (on c. 20,000 sq ft) and Taylor Wimpey (on c. 11,000 sq ft) at Form 1, bringing overall occupancy across the two buildings to 89% with c. 12,000 sq ft of space still available in Form 1 across two suites.
Kennedy Wilson undertook a large-scale refurbishment of Form 1 and 2 and secured a number of new tenants including EDMI, Taylor Wimpey, Elanco, Whiteoaks International and Neology Inc., with a focus on tenant amenities, including a newly refurbished communal atrium area with a café and breakout space, as well as shower facilities, covered cycle storage, and car parking. The office space offers fully accessible raised floors, LED lighting, large floor plates and excellent natural light.
Mike Pegler, Head of UK, Kennedy Wilson Europe, said: "This latest letting with cinch demonstrates how high growth companies continue to be attracted to best in class Grade A offices and a sign of the continued strong demand for high quality regional office space. Our investment to upgrade Form 1 and 2 and offer communal, collaborative and wellbeing benefits to occupiers alongside the business park’s well-connected location were key factors in securing recent lease commitments. We look forward to welcoming cinch to their new home."
Jack Riley, Partner, National Offices at Knight Frank, said: "The flight to quality has been turbocharged by the pandemic and Form 1 and 2 offer occupiers the combination of an easily accessible business location with quality office space, car parking and communal facilities."
Located a few minutes from the M3 motorway, Form 1 and 2 are conveniently accessible from London, Guildford, Southampton, Reading, Winchester, Basingstoke and Portsmouth. Hook also benefits from excellent public transport connectivity, with the railway station a short walk from Bartley Wood Business Park, providing a direct service to London Waterloo. Additionally, London Heathrow is 32 miles away via the M3, Southampton airport is 35 miles away and London Gatwick is 56 miles from the business park.
Knight Frank and Hurst Warne are Kennedy Wilson’s retained leasing agents. Knight Frank advised Taylor Wimpey and LSH advised William Grant & Sons.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a leading global real estate investment company. We own, operate, and invest in real estate through our balance sheet and through our investment management platform. We focus on multifamily and office properties located in the Western U.S., U.K., and Ireland. For further information on Kennedy Wilson, please visit: www.kennedywilson.com.
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