GVA and Bulleys Bradbury complete Telford’s largest letting in decades

Type News

Date 20/02/2018

GVA and Bulleys Bradbury have completed the largest commercial letting to take place in Telford in over a decade, letting 112,256 sq ft of Grade A office space to HM Revenue and Customs (HMRC).

The letting comprises 13 floors across One and Two Telford Plaza, which collectively represent Telford’s prime business location.

Leases were taken on terms of 9 - 10 years, off an asking rent of £12.50 per sq ft.

GVA acted on behalf of the tenant, with Bulleys Bradbury acting for the landlord.

GVA’s initial instruction was to negotiate terms for the acquisition of a single 12,000 sq ft floor in Two Telford Plaza. Additional instructions were then received for acquisition of further accommodation across One and Two Telford Plaza totalling 66,147 sq ft, with a third instruction for a further 34,056 sq ft.

Andrew Venables, GVA, said: “The quality of the space Telford Plaza offers HMRC is exceptional value for money. This is a significant letting for the Telford market both in terms of the profile of the occupier and the quantum of the space that has been transacted.

“This deal has developed from our initial instruction to acquire a single 12,053 sq ft floorplate in Plaza Two and working with the landlord’s agent, Bulleys Bradbury, we were able to ensure that Telford Plaza was able to accommodate the growing requirement for high quality, cost effective office space.”

Bulleys Bradbury acted on behalf of the landlord, Telford Plaza UK Limited in completion of the deal.

Richard Bradbury, Bulleys Bradbury, said: “This is an outstanding letting for the Telford market generally and for Telford Plaza specifically. The landlord is naturally very pleased to have an occupier of the calibre of HMRC on site and we have been working closely with GVA throughout this process.

“This letting, together with further recent lettings in the building, has resulted in both Plaza One and Two now being fully let and occupied, preserving a significant number of valuable jobs in the town.”

The acquired space will be used by HMRC to consolidate a number of existing offices.

Constituting two commercial buildings, Telford Plaza is located just off Junction 5 of the M54 and close to Telford Central railway station.

The site benefits significantly from its transport connections, proximity to retail and leisure amenities in the nearby town centre and also has onsite amenities including a coffee shop and standby power generation capability.

For more information, please contact Andrew Venables at GVA on 0121 609 8427 or andrew.venables@gva.co.uk, or Richard Bradbury at Bulleys Bradbury on 01952 292233.