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L&G achieves record office rent with Watford refurbishment scheme
Legal & General Investment Management Real Assets (LGIM Real Assets) has let 19,663 sq ft of office space at the Hyde building in Watford to ENRA Group at a record rent for the location.
21 Jul 2021
The specialist financial services and products provider has taken a 10-year lease on part of the second floor and the entire third floor at a rent which equates to £37 per sq ft. The previous record office rent for the Watford area stood at £36.50psf.
As part of Legal & General’s ongoing commitment to futureproofing its assets, the 75,218 sq ft Hyde building has been comprehensively refurbished to provide a new reception, café with a shared workspace together with a new south-facing communal roof terrace, changing rooms, and secure bike storage in the basement parking area with EV charging points and an unrivalled town centre parking ratio of 1:246 sq ft.
The building has implemented Telcom, and has achieved Wiredscore Gold, AirRated Platinum, and Ska Gold ratings for its connectivity, air quality and sustainability good practice respectively.
With 50,146 sq ft of Grade A office space available, Hyde offers occupiers the very best-in-class offices in Central Watford situated in a prime location on the Clarendon Road equidistant between the town centre and train station. Suites are available from 3,184 sq ft with whole floors of up to 17,915 sq ft.
Legal & General Investment Management was advised by Brasier Freeth and BNP Paribas Real Estate. ENRA Group was unrepresented. Will Kelly, LGIM Real Assets, is the Senior Asset Manager and Simon Crouch, LGIM Real Assets, the Senior Development Manager.
James Whitehill, Senior Fund Manager, LGIM Real Assets: "To have let just under 30% of the building on completion of the refurbishment at a record rent validates our decision to speculatively deliver best-in-class space in a strong south east office centre with an extreme supply shortage. Led by Will Kelly and Simon Crouch, this deal is testament to the strength in depth and expertise of our in-house teams across Real Assets.We are delighted to welcome the ENRA Group which will be moving from Borehamwood in September following completion of its fit-out."
Andrew Mercer, Office Sector Lead, LGIM Real Assets: "Through long term investment in our assets we remain committed and proactive in delivering optimum working environments. Hyde, boasting Telcom, plus Wiredscore, AirRated, and Ska accreditations, demonstrates our on-going commitment to invest in high quality and sustainable assets; this superior offering is in demand from today’s occupiers."
Further information
Jessye Brandon
Senior PR Executive
LGIM Real Assets
T: 07584498775
Notes to editors
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at HY24) of which c40% (circa £0.5 trillion) is international.
We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
As at 11 December 2024, Legal & General has a market capitalisation of 13.7 billion.
LGIM is one of Europe’s largest asset managers and a major global investor, with total assets under management of £1.2 trillion1 ($1.5tn, €1.3tn, CHF 1.2tn). We work with a wide range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
For more than 50 years, we have built our business through understanding what matters most to our clients and transforming this insight into valuable, accessible investment products and solutions. We provide investment expertise across the full spectrum of asset classes including fixed income, equities, commercial property, and cash. Our capabilities range from index-tracking and active strategies to liquidity management and liability-based risk management solutions.
1Data as at 31 December 2023. Data combines assets under management by LGIM in the UK, LGIMA in the US and LGIM Asia in Hong Kong. Assets under management include securities and derivatives positions.
LGIMRA is a division of Legal & General Investment Management (LGIM), one of Europe’s largest
institutional asset managers and a major global investor. LGIM manages £1.29 trillion1 ($1.57tn) in
assets, working with a range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
LGIM Real Assets has assets under management of £36 billion2 ($43.8bn) and is one of the largest
private markets investment managers in the UK. Investing in both debt and equity and across the
risk/return spectrum, LGIM Real Assets actively invests in and manages assets across commercial,
operational and residential property sectors, as well as infrastructure, real estate, corporate and
alternative debt.
Taking a long-term view in order to future proof our investments, LGIM Real Assets continues to lead the industry in ESG performance, considering all environmental, social and governance issues at asset level as well as portfolio level.
1LGIM internal data as at 30 June 2022. These figures include assets managed by LGIMA, an SEC Registered Investment Advisor. Data includes derivative positions.
2Source: LGIM Real Assets. AUM data as at 30 June 2022.
*at 13 Jan 2023
IMPORTANT INFORMATION
For professional clients only. Past performance is not a guide to the future. The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested. Views expressed are of LGIM as at 12 January 2023. The Information in this document (a) is for information purposes only and we are not soliciting any action based on it, and (b) is not a recommendation to buy or sell securities or pursue a particular investment strategy; and (c) is not investment, legal, regulatory or tax advice. Legal & General Investment Management Limited. Registered in England and Wales No. 02091894. Registered Office: One Coleman Street, London, EC2R 5AA. Authorised and regulated by the Financial Conduct Authority, No. 119272.