20 Nov 2019 07:00
20 November 2019
Circle Property Plc
("Circle" or the "Company")
Lettings at Concorde Park, Maidenhead
Circle Property Plc (AIM: CRC), which invests in, develops and actively manages well-located regional office assets, is pleased to announce two lettings totalling 21,461 sq ft at Concorde Park in Maidenhead - the first lettings at the park since it was acquired in August 2019.
Global service office group Regus has taken a 10 year lease on 16,861 sq ft on the first floor of Buildings 2 & 3 and will be opening the centre in the New Year. In addition, global supply chain risk management specialist Avetta has committed to a 5 year lease on the ground floor of Building 1, moving from Maidenhead town centre.
Edward Olins, Chief Operating Officer of Circle Property Plc, said:
"We are pleased to have secured these lettings so soon after the acquisition of the park, adding significant value to the asset on behalf of our shareholders and continuing our active asset management strategy."
Jeremy Metcalfe, Partner at Hollis Hockley, said:
"It is fantastic to have endorsement in the quality of Concorde Park from two global firms, Regus and Avetta. Concorde Park is located less than a mile from Maidenhead train station and with a shuttle bus is well placed to benefit from the arrival of the Elizabeth Line in Maidenhead."
Dominic Faires, Head of Agency at LSH Maidenhead office, said:
"Supply of good value Grade A office space is very low in Maidenhead, with 22,500 sq ft left available to let and with a new amenity to be announced shortly, Concorde Park is well placed to secure further lettings in 2020."
Hollis Hockley and LSH are appointed as leasing agents on Concorde Park. Regus and Avetta were unrepresented.
ENDS
Circle Property Plc | +44 (0)207 930 8503 |
John Arnold, CEO Edward Olins, COO |
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Cenkos Securities | +44 (0)207 397 8900 |
Azhic Basirov Katy Birkin |
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Radnor Capital | +44 (0)203 897 1830 |
Joshua Cryer Iain Daly |
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Camarco | +44 (0)203 757 4980 |
Ginny Pulbrook Tom Huddart |
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About Circle Property Plc
Circle is among the best performing quoted UK real estate companies by NAV total return (NAV growth and dividend)1 having delivered consistent returns with 86% NAV growth since IPO in 2016 in absolute terms.
Circle focusses on acquiring assets in regional cities, many of which have significant office supply constraints, and on office assets with active management potential (refurbishment opportunities, under-rented or vacant properties or short leases), rather than just maximising initial rental yields.
Circle is not a Real Estate Investment Trust (REIT) and can actively recycle proceeds from asset sales into its refurbishment and redevelopment pipeline, as well as future investment opportunities, therefore targeting a broader range of returns for shareholders, which are primarily driven by NAV growth.
As well as already delivering substantial increases in NAV, the Company's portfolio has significant reversionary potential with current total estimated rental values of approximately £10.9 million per annum, compared to contracted rent of £8.2 million at 30 September 2019. The Company has a portfolio of 15 regional commercial property investment and development assets in the UK valued at £135.6 million as at 30 September 2019.
1 Source: Radnor Capital research, 31 March 2019