In an off market transaction, Highways Agency has signed a ten year reversionary lease for this 39,125 sq ft office building at a rent of £27.00 per sq ft. This is the largest office transaction in Guildford for two years and the largest town centre letting for five years.
Landlord, Aviva Investors will refurbish the building and Highways Agency will take occupation in March 2015.
Highways Agency will relocate its staff from Dorking to its new base at Bridge House, which will house Highways Agency South East regional operations and provide a base for the Chairman and Chief Executive. Bridge House will also provide essential corporate functions and become the main location for Highways Agency’s maintenance and improvement activities in the South East region.
Paul Dowson, head of LSH’s Guildford office, said: “Highways Agency was attracted to Bridge House due to its prime town centre location opposite Guildford’s mainline rail station. LSH had been working up speculative refurbishment plans with Aviva, anticipating existing tenant DCLG vacating in 2015. However, being able to secure a ten year government lease deal in an off market transaction is a great result for the fund.”