RO Real Estate, the UK commercial property investment and development company, has completed a 13,000 sq ft letting with Regus at its 30,000 sq ft office building, Norwich House on Savile Street in Hull.
RO is currently undergoing major refurbishment works on the whole building and expects works to complete in September 2015. On completion of the works, the building will offer high quality naturally ventilated office space on flexible terms. Following this deal, the building will still have 13,992 sq ft of office space and a 2,260 sq ft retail unit available to let direct from RO.
The fit out works are due to complete in December 2015 at which point the Regus business centre element will be fully operational. Regus, the multinational serviced office corporation, has signed a ten-year lease on the first and second floors. The rent is undisclosed as it is a profit share arrangement.
Norwich House is a 30,000 sq ft mixed-use property which provides a mixture of retail and office space. The building currently has two existing retail tenants including Chinese Laundry, a premier vintage boutique and Scope, the global charity. The asset is well located next to the BBC offices and Queen’s Gardens and is just a short walk away from the railway station, bus station and Princes Quay shopping centre.
Richard Bourne, head of RO Real Estate, says: “We are very pleased to have completed a long-term lease with such a well-known and respected tenant. We hope it will prove to be a profitable business centre for Regus which in turn will help attract additional tenants to the building. The buildings’ prime location, combined with the positive outlook for the centre as a City of Culture and Siemens’ commitment to the area for its wind turbine manufacturing and assembly facilities means that it should appeal strongly to both retailers and office occupiers.”
RO and Regus were unrepresented.
