Rockspring Property Investment Managers LLP a PATRIZIA company, has completed a new letting at 1 Tanfield, Edinburgh, on behalf of UK Value 2 LP, bringing the asset to full occupancy and completing Rockspring’s leasing programme at the office property. Ryden represented Rockspring jointly with Eric Young & Co in this transaction.
Rockspring has agreed a 10-year lease on suite F5 with Blackcircles.com, the UK’s leading online tyre retailer. Tanfield totals 190,846 sq ft of Grade A office space over three floors, 90% of which is now leased to occupiers operating in the TMT sector, reflecting Edinburgh’s position as a major technology hub.
The lease to Blackcircles.com follows the completion of a refurbishment programme which delivered a refreshed reception area and common parts, break out areas for co-working, as well as new showers and locker rooms for occupiers.
Kim Sardar, Assistant Fund Manager of Rockspring UK Value 2 Fund, commented: “We are delighted to welcome Blackcircles.com to Talfield which finishes off our letting programme, growing the asset’s income and vindicating our capex programme. Delivering space that appeals to Edinburgh’s vibrant TNT tenants and their young dynamic workforce has future proofed the asset benefitting both of us and our tenants.”
Graeme Cole, Chief Executive Officer at Blackcircles.com, added: “Blackcirles.com are delighted to have found in Tanfield an office that suited all our needs. We needed a space where we could get all staff in one plan area, near central Edinburgh, an enjoyable working environment and local amenities for staff. Tanfield provided all of this plus more. We are excited that Tanfield will become the home for Blackcircles.com as we continue our journey of incredible strong growth, changing the way car owners buy their new tyres.”
Peter I’Anson, Partner at Ryden, also pointed out: “This letting to Blackcircles completes an impressive line-up of TMT sector occupiers to include ST Micro electronics, GE Grid, Zonal, Avaloq and Craneware with Tanfield now 100% occupied following the acquisition and subsequent improvements by Rocksprings. The building has been well received by the market with rents having increased to over £22 per sq ft."
Ryden acted jointly with Eric Young & Co for the Landlord. The tenant was advised by 1910 Investments Limited.