Burford - Bracknell, The Observatory

Date: 06 Apr 2000

Burford Holdings plc ("Burford") today announces that it has let its recently completed 39,000 sqft office development in Bracknell to Towry Low Plc at a rent of approximately £lm a year, equivalent to £27.50 per sq ft.

Towry Low has signed a 16-year FRI lease, with five yearly upward only rent reviews. Burford has granted Towry Low a seven-month rent free period for the tenant to undertake its fitting out works.

Known as The Observatory, the high quality headquarters building overlooks the landscaped lake at Waterside Park, Bracknell. Constructed mainly of steel and glass, the contemporary design provides three-storey structural glazing to the atrium and boardroom offices oversailed by a gull-wing roof.

Burford originally acquired the Bracknell site in March 1996 as part of a ground rents portfolio purchased from the Commission for New Towns. At the time the site was used as a storage facility by the Met Office on a ground lease with approximately 18 months unexpired. Burford then secured planning consent to create a 45,000 sqft gross high quality office building on the site.

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