The Rani Business Park is 100% Occupied

3rd June 2011

The latest phase of Chartwell Property’s 33,215 sq ft Rani Business Park is now fully occupied after joint agents, FHP and NG Chartered Surveyors, secured a further three lettings in quick succession on the latest phase of the development with C F Parkinsons Ltd, Scott Christian Ltd and One Stop Interiors having joined Trekmates and Jones & Co on the Basford scheme.

The last unit has been taken by One Stop Interiors in a deal brokered by Sunny Landa of NG, who said “This was an easy deal to agree as the scheme largely sells itself. One Stop Interiors is a family run company, which provides furnishings for residential apartments across the UK, and were attracted by the high specification of the space and its imposing eaves height which will enable them to install a substantial mezzanine storage level”. James Dale, Managing Director of One Stop commented, “the close proximity to all areas of the city, ample parking and ease of access for customers using our showroom and trade counter were all factors that made this site perfect for us”.

Laura West of joint agents, FHP observed “It is pleasing to work with a good quality product such as this, the quick take up is a reflection upon the high quality of accommodation that has been produced at Rani Drive. Interest in the scheme has been strong from the initial stages of construction and it demonstrates that demand for well placed and high quality industrial accommodation exists. “

Many in the local property market thought the developers were brave to embark upon a speculative industrial development in the depths of a recession, but the results prove the adage that fortune favours the brave.

The last phase of the Business Park was undertaken speculatively by Chartwell Property; the property vehicle of brothers Steve, Jack and Gary Digva who commented “We are absolutely delighted that the project is now complete, its been a job well done by all involved and it shows that there is an appetite for well specified, modern B1/B8 business space in the city. We have achieved our target price of £5.00 per sq ft having resisted giving away substantial concessions or incentives and one of the tenants even took a straight 15 year lease which is almost unheard of in the current market conditions. In total, we have administered almost 115,000 sq ft of office and industrial accommodation on the Rani Business Park. The last string of lettings now mean that it is 100% occupied which is a great result.”

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