Fenn Wright has secured the first ‘pre-let’ deal to happen in Colchester in over 20 years
Fenn Wright Senior Partner Roger Hayward, Head of Commercial in Chelmsford, said:
“Pre-let opportunities are very limited, dependent on time, place, market forces and the negotiating strength of both parties. We have acted for Birkett Long for many years and been impressed by their rapid growth so are delighted to have been able to find and secure for them these high quality offices in what can only be described as difficult market conditions for most provincial office centres. The deal not only secures impeccable tenants for the Council, but gives Birkett Long an opportunity to have an early input into the building’s design to ensure it fits their purpose. I have been based in the area for over 30 years and this is the first time in the last 20 years I can remember a fully funded pre-let deal of this nature being concluded in the town”.
The 17,700 sq ft net office building benefits from 30 car spaces and is arranged on ground and two upper floors. The building will occupy the southern part of Sheepen Road Car Park facing the Middleborough roundabout close to the town centre. Birkett Long has taken a new 20 year commercial lease with five year rent reviews and will occupy the whole building.
This is a new departure for Colchester Borough Council and part of their efforts to generate income and reduce the need to cut services. The development will be funded through the Revolving Investment Fund, and a second will follow on an adjacent site. It is understood plans for the development will be submitted at the end of August 2015.
Birkett Long is one of the largest legal and financial advice firms in Essex, with offices in Chelmsford, Colchester and Basildon. It traces its roots back to 1821 and has 22 partners and staff totalling over 180 in all.
Managing Partner Adrian Livesley said,
“The firm is continuing to expand and is outgrowing its current Colchester premises. We approached Fenn Wright back in 2013 with a view to finding larger and more modern premises. We were fully aware that there would be limited options, but had every confidence in Fenn Wright’s ability to ferret out and explore every possible solution, using their local knowledge and experience. We are very excited about this project and our future expansion across Essex and look forward to the plans for this building coming to fruition. We are hoping we might be making a move sometime in Spring 2017.”
Roger Hayward, Senior Partner
01245 292 825