Clearbell bags FM Global for 2017's largest Thames Valley letting

By Paul Norman - Monday, January 08, 2018 14:57

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Clearbell Capital, the private equity real estate fund manager, on behalf of a fund it manages, has leased 56,750 sq ft to FM Insurance Company at Voyager Place in Maidenhead in a deal that completed at the end of last year and is understood to be the largest letting in the Thames Valley in 2017, CoStar News can reveal.

The commercial property insurance firm has signed a new 10-year lease for office accommodation totalling 56,750 sq ft (5,272 sq m) and will occupy the building in its entirety.

The tenant will pay an annual rent of £1.74m, equating to £32 per sq ft (£344 per sq m).

The letting follows the £7m refurbishment of Voyager Place undertaken by Clearbell after the fund manager purchased the building in December 2015.

Duncan Jarvis, director at Clearbell, said: “This deal is one of the largest single lettings in the South East in 2017. Located at the edge of town centre, in a key Thames Valley business location, the building provides excellent car parking provision and strong branding potential. The letting to FM Insurance Company, within five months of completing the refurbishment, vindicates the decision to take an early surrender and commit to a full Grade A refurbishment."

Voyager Place was acquired as part of the Chalk portfolio, a portfolio of seven office assets in the South East.

Clearbell was advised by Savills and Lambert Smith Hampton.

Colliers International advised FMIC Ltd.

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