TK Maxx Takes 50,000 Sq Ft In Watford
Threadneedle, advised by Bray Fox Smith, has signed TK Maxx for 50,000 sq ft of offices at 40 Clarendon Road in Watford, at a rental of £20 per sq ft.
It means TK Maxx now occupies four adjoining buildings, totaling 125,500 sq ft on Clarendon Road, which is regarded as Watford’s premier office location: 40; 41-43, where it occupies 10,500 sq ft; 46 comprising 11,000 sq ft; and its headquarters at 50 Clarendon Road, where it occupies 54,000 sq ft.
Threadneedle bought the freehold interest in 40 Clarendon Road from Aviva Investors for £9,952,000, reflecting a net initial yield of 9.5%, in 2011. The property was let to Total UK Ltd until November 2013 producing an annual rental income of £1,000,000.
Threadneedle were planning a significant refurbishment of the building, but are delighted to have secured one of Watford’s key employers for the building in its entirety at such an early stage.
Threadneedle was advised by Bray Fox Smith and Stimpsons. Brasier Freeth acted for TK Maxx.
