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News Release

Exeter

Viridor pre-let complete and subsequent investment sold


Exeter, 20th June 2012 – On behalf of St Modwen plc Jones Lang LaSalle has recently concluded the pre-let of the first office building on Firepool in Taunton to Viridor plc.  
 
The five storey office building, comprising 22,138 sq ft with onsite parking, was let on a new 15-year lease at a rent of £17 per sq ft.  The investment was sold for £4.81 million representing a net initial yield of 7.33% after allowance of purchaser’s costs.

Project Taunton is the name of the development, comprises some 16 acres.  It is a mixed-use scheme which will take  up to 500,000 sq ft of offices, retail, leisure, food and beverage and residential.
 
The building forms part of first phase of office development comprises four buildings on the Priory Bridge Road site overlooking the Somerset Country Cricket Ground and the River Tone.  It has achieved a BREEAM Excellent standard and will target an EPC Rating of B.

Jones Lang LaSalle’s Investment team in Bristol negotiated the sale of the completed investment.