Office lettings at The Rivers Office Park

Client: Henderson UK Property OEIC and Berwick Hill Properties

Location: The Rivers Office Park, Maple Cross, Rickmansworth

Services: Advice on Achievable Rents, Marketing and Lettings

The Brief

The Rivers Office Park, Maple Cross is a prestigious 5 acre business destination in close proximity to London and the M25 and totals almost 100,000 sq. ft. Prior to an extensive refurbishment Brasier Freeth acted for the Henderson UK Property OEIC and Berwick Hill Properties in relation to the letting of 32,062 sq. ft. of the Park known as ‘Building 1’.

The Journey

Having been originally built in the 1990’s a comprehensive refurbishment and modernisation of the Park was needed. During the programme as the most active agent in the locality Brasier Freeth was asked to provide advice on what rental the office accommodation in Buildings 1,2 & 3 could achieve following an enhancement to grade A standard. The proposed updates were to include the installation of new boilers, lifts, air conditioning, LG7 lighting, toilet facilities and reconfigured receptions with contemporary finishes.

The work undertaken to Buildings 2 and 3 as well as the construction of a new 170 seat café and amenity centre providing dining, break out and meeting spaces secured the continued occupation of Nissan & Renault at enhanced rental levels. Having advised on achievable rental income Brasier Freeth worked with Joint Agents Savills to deliver an effective marketing campaign for Building 1.

The Results

Following initial marketing the Building was pre-let to RCI Financial Services prior completion of the Building 1 refurbishment. The letting was on the basis of a 15 year lease with a break at the 10th year at a new record headline rent for the West M25. The upgrade works were completed in spring 2017 ready for Building 1 to be occupied by its new Tenant. The Park was sold as a fully let entity in mid-2017.