The transfer originates from a joint venture agreement, signed in 1992, which transferred the land to Hermes. The agreement enabled Hermes to fund development phases and share the profits.
The scheme for Orange comprises two high specification office buildings of 60,000 sf and 75,000 sf. Both have been pre-let to Orange for a term of 20 years at a rent of £19.25 ($27.78) per sf.
The land transfer effectively completes the Aztec West development.
King Sturge acted for Hermes while Strutt & Parker and DTZ acted for Arlington. King Sturge acted for Orange.
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