BP takes new Bedfont Lakes offices

Deal at Heathrow office scheme represents largest M4 corridor transaction to be completed in 2011

Article posted: 07 Dec 2011

BP has signed up to occupy 68,000 sq ft of office space in Heathrow, Middlesex at Scottish Widows Investment Partnership's New Square, Bedfont Lakes. The international oil and gas company has signed up to take the refurbished space in three separate buildings at New Square which is located close to their global headquarter offices in Sunbury, Surrey. This is the largest transaction to be completed in the M4 corridor in 2011.

BP will occupy Building One at New Square, which extends to 37,000 sq ft, in its entirety and is currently undergoing a major refurbishment. BP has agreed a rent equating to £25.00 per sq ft. They will also occupy Building Seven in its entirety which comprises 19,000 sq ft and 12,000 sq ft on the top floor of Building Five with a rent equating to 24.00 per sq ft being agreed for the two buildings.  All three of the buildings have been let on 10 year leases.

These latest lettings to BP have resulted in New Square being fully occupied with neighbouring tenants including Birdseye, the, the Secretary of State, IBM and Lindt.

Jeremy Rodale, a partner in national markets office agency for Strutt & Parker, who acted for SWIP said: "The deal represents the largest letting in the M4 corridor this year. New Square at Bedfont Lakes was able to offer BP flexible office accommodation, key transport links and excellent parking provision all set within 250 acres of lakes and parkland. The park has achieved full occupancy, with a number of high profile international occupiers; this is testament to its extensive and far reaching appeal."

Strutt & Parker acted in conjunction with Jones Lang LaSalle on behalf of SWIP; BP was advised by Jones Lang LaSalle.

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Posted by Jo