Office rents on the up
Hazells are pleased to have recently concluded the letting of First Floor offices at Ross House, Kempson Way at a record post-recession rent for Bury St Edmunds of £16 per sq ft. The space comprises 4,598 sq ft of high specification business park offices which were refurbished to an excellent standard in the first quarter of 2018.
The space was taken by international construction specialists Saint-Gobain on a new 10 year lease. Hazells acted for the Landlord, Balvraid Properties Limited, who have also instructed us to market further refurbished office accommodation at Signal House, Kempson Way. This building provides 7,362 sq ft of refurbished space and is available on a leasehold or freehold basis. It represents the only opportunity for occupiers to acquire high quality space of this nature in the Bury St Edmunds area.
The letting of Ross House at £16 per sq ft demonstrates an encouraging 10% rise in prime office rental values over the course of the past 12 months. The increase in rental values underlines the shortage in supply of good quality offices available for occupiers in the town and whilst bespoke design and build office are available at Suffolk Park, the supply of immediately available office accommodation remains very limited which could well lead to further rental growth over the next 12 months.
For further information about offices in Bury St Edmunds speak to Richard on 01284 702626.