DTZ and Bray Fox Smith acted on behalf of JVC to secure the letting of the building, comprising approximately 100,000 sq ft. It forms part of a complex that accommodates JVC’s UK headquarters distribution facility, which is surplus to operational requirements.
The lease has been agreed for a term of 7 years at an initial annual rent of over £9 per sq ft, subject to a minimum guaranteed uplift at rent review at the 5th year.
The remaining accommodation available to let within the complex, which is reasonably close to Brent Cross Shopping Centre and Retail Park, IKEA and Wembley Stadium, comprises Grade A office accommodation of around 40,000 sq ft, as well as a prominent existing warehouse of approximately 30,000 sq ft.
Tunde Adegbemile, Head of London and South East Industrial and Logistics at DTZ, commented: “This transaction points to improving confidence in the occupational agency market, and represents an excellent result for JVC. These indicators of improvement in occupational activity should hopefully convert to further confidence, and subsequent momentum, in the development market.”
He continued: “From a logistics perspective, demand activity continues to be dominated in the main by the food retail sector, although there are signs of improving activity from the health and pharmaceutical sector.”