Picton scores regional lettings hat-trick
Picton, the income focused property investment company, has satisfied the operational requirements of three of its occupiers in a series of interlinked transactions, increasing occupancy and reducing short term expiry risk in the portfolio.
In one of the largest lettings in the Northampton office market in recent years, Ricoh UK has effectively doubled its occupancy to take the whole of 800 Pavilion Drive, a 50,000 sq ft headquarters office building located in Northampton Business Park. Following this agreement, Ricoh is now one of Picton’s top 10 occupiers.
This expansion was achieved by Picton relocating Texas Instruments, an existing occupier in Northampton, to one of its other assets in Milton Keynes. Texas Instruments took 7,000 sq ft at 401 Grafton Gate, Milton Keynes, whilst in a separate transaction, SHI International expanded into an additional 4,500 sq ft on the ground floor, thereby reaching 100 per cent occupancy in both buildings.
Jay Cable, head of asset management at Picton, says: “We have worked hard over recent months to meet the operational requirements of Texas and Ricoh. This is a good result for all parties, which has enabled Picton to increase income by GBP170,000 per annum, remove two voids and extend our overall income profile.”