BNP Paribas Real Estate advised on the development of Victoria Gate in Woking, leading to a record headline rent for Woking of £33 psf.
Victoria Gate, a 43,000 sq ft 1980’s office building, was tired and dated and required a comprehensive refurbishment. Following vacation by the previous tenant on lease expiry, the space required considerable capital expenditure in order complete the necessary works.
BNP Paribas Real Estate provided advice on the inter-fund transfer of the asset, after which a full professional team was appointed to undertake a feasibility study. A back-to-frame redevelopment was successfully completed in summer 2018, taking the building to 67,000 sq ft. The building was let to McLaren three months after completion.
record headline rent per sq ft
lease secured with McLaren
Total size following redevelopment
Julian Cobourne, Senior Asset Manager, Aviva Investors
“BNP Paribas Real Estate advised on the inter-fund transfer of Victoria Gate, provided comprehensive design input, and were an integral part of the letting team, securing McLaren on 20-year lease and setting a record headline rent in Woking at £33.00 per sq ft.“
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