Scipher has entered into a 20 year lease on 65,000 sf and a 5 year lease on 25,000 sf. The rent equates to approximately £18 per sf overall, with a fixed minimum uplift at the first rent review equivalent to 3% per annum compound growth. There is a landlord's break clause at year 10 on the larger building.
Cyril Leonard and Osborne Clarke advised Scipher and PRICOA Property Investment Management and Hines Air Property were represented by Jones Lang LaSalle and Herbert Smith.
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