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Palace Capital lets refurbished Solaris House in Milton Keynes
Property investment company Palace Capital has let Unit 2, known as Solaris House, located in Pitfield, Kiln Farm, Milton Keynes.
The AIM-traded firm said the property, comprising 14,500 square feet, became vacant in 2016, following which it took the decision to refurbish the building.
Solaris House was now let to Monier Redland, part of BMI, for a term of 10 years from May without break, with provision for a rent review at the fifth year.
The headline rental was set at £0.24m per annum exclusive, which equates to £16.55 per square foot, although £0.12m per annum was payable until September 2021 in lieu of a rent free period.
Solaris House formed part of the Sequel Portfolio, which Palace Capital acquired in October 2013.
The two adjoining office buildings, comprising 38,300 square feet, were refurbished to the same specification by the company in 2014 and were currently let to Rockwell Automation until December 2026, with provision for upward-only rent reviews in December 2018 and December 2022.
Rockwell was currently paying rent equivalent to £10.40 per square foot.
"We are delighted with this letting to a company of the calibre of Monier Redland, a clear vindication of our decision to refurbish the building," said Palace Capital CEO Neil Sinclair/
"It sets the tone for the forthcoming rent review with Rockwell."