Agent secures new tenant for Pride Park offices

FHP Property Consultants has announced the successful letting of a modern office building on Derby’s Pride Park.

Acting on behalf of private clients, FHP has secured a new occupier for the 9,700 sq ft Edward Lloyd House, which was one of the last office buildings to be constructed on the business park.

The property has been let on new lease terms for a period of 10 years.

Darran Severn, director at FHP, said: “This is a fantastic letting in Derby. We have been able to start the new lease on the day the previous tenant vacated minimising any void period for our client.

“In addition, we have secured a new headline rent on Pride Park where over the past 10 years rents have peaked around £16.50 per sq ft.

“As supply reduces and existing buildings are comprehensively refurbished to provide grade A space, I see further rental increases over the next 12 months.”

The transaction is the latest of a number of significant office lettings in Derby over the past three to six months, with FHP alone having transacted on over 30,000 sq ft within that period.

Darran added: “We have seen a lot of movement across the office market in Derby this year and have been involved in some high-profile deals.

“We are seeing landlords invest in their buildings to improve the quality of the offices that are available, not only enhancing the space but also introducing more breakout rooms, amenity space and enhancing the general presentation of their building.”