21 Jul 2021
L&G achieves record office rent with Watford refurbishment scheme
Legal & General Investment Management Real Assets (LGIM Real Assets) has let 19,663 sq ft of office space at the Hyde building in Watford to ENRA Group at a record rent for the location.
The specialist financial services and products provider has taken a 10-year lease on part of the second floor and the entire third floor at a rent which equates to £37 per sq ft. The previous record office rent for the Watford area stood at £36.50psf.
As part of Legal & General’s ongoing commitment to futureproofing its assets, the 75,218 sq ft Hyde building has been comprehensively refurbished to provide a new reception, café with a shared workspace together with a new south-facing communal roof terrace, changing rooms, and secure bike storage in the basement parking area with EV charging points and an unrivalled town centre parking ratio of 1:246 sq ft.
The building has implemented Telcom, and has achieved Wiredscore Gold, AirRated Platinum, and Ska Gold ratings for its connectivity, air quality and sustainability good practice respectively.
With 50,146 sq ft of Grade A office space available, Hyde offers occupiers the very best-in-class offices in Central Watford situated in a prime location on the Clarendon Road equidistant between the town centre and train station. Suites are available from 3,184 sq ft with whole floors of up to 17,915 sq ft.
Legal & General Investment Management was advised by Brasier Freeth and BNP Paribas Real Estate. ENRA Group was unrepresented. Will Kelly, LGIM Real Assets, is the Senior Asset Manager and Simon Crouch, LGIM Real Assets, the Senior Development Manager.
To have let just under 30% of the building on completion of the refurbishment at a record rent validates our decision to speculatively deliver best-in-class space in a strong south east office centre with an extreme supply shortage. Led by Will Kelly and Simon Crouch, this deal is testament to the strength in depth and expertise of our in-house teams across Real Assets.
We are delighted to welcome the ENRA Group which will be moving from Borehamwood in September following completion of its fit-out.
James Whitehill, Senior Fund Manager, LGIM Real Assets
Through long term investment in our assets we remain committed and proactive in delivering optimum working environments. Hyde, boasting Telcom, plus Wiredscore, AirRated, and Ska accreditations, demonstrates our on-going commitment to invest in high quality and sustainable assets; this superior offering is in demand from today’s occupiers.
Andrew Mercer, Office Sector Lead, LGIM Real Assets