Woking's Genesis One leases up

By Paul Norman - Thursday, February 08, 2018 8:56

Northwood Regional UK has prelet 13,000 sq ft of offices at Genesis One in Woking prior to its sale to Regional REIT.

Northwood prelet 13,460 sq ft to Nuvias (formerly Wick Hill) on the ground floor at £22.50 sq ft on a 12 year lease with a break at seven at the 35,000 sq ft building on Genesis Business Park.

Northwood had carried out a £2m refurbishment to provide Grade A office accommodation over two floors.

Genesis Business Park forms part of the Sheerwater Development, which has benefited in recent years from new road improvements and a new Asda superstore.

Regional REIT recently bought the building as one of three office properties across the UK, with the support of a £19m facility from Royal Bank of Scotland’s Real Estate Finance team.

The regional acquisitions, which span across more than 197,000 sq ft in total, included eight units within the 99,613 sq ft Genesis Business Park in Woking.

London & Scottish Investments is Regional REIT’s external manager.

Agents for Genesis One were DTRE, Hollis Hockley and Hurst Warne. Nuvias was unrepresented.

pnorman@costar.co.uk

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