LONDON-Rockspring Property Investment Managers LLP and Bell Hammer have leased The Stanza Building, a brand new office headquarters in Uxbridge, to Nexen Petroleum UK Limited.

The deal involves a 12-year lease, bringing a rent of $49 (£32) per sq ft for a 2,400 sq ft space. The Stanza Building is the first of four speculative Thames Valley office developments totaling 313,000 sq ft to be completed and leased by Rockspring.

The Stanza Building was acquired by Rockspring Hanover Property Unit Trust, 'Hanover', in November 2011 as a speculative development in partnership with Bell Hammer and was completed in November 2012.  The building is adjacent to the Grand Union Canal in Uxbridge with waterfront views and offers 82,403 sq ft of grade A office space and 91 parking spaces. With a BREEAM rating of 'very good' and an Energy Performance Certificate of 'B', the building incorporates numerous sustainable features including solar panels, rainwater harvesting and an energy saving lighting design.

Rockspring's other speculative grade A office developments in the Thames Valley include Velocity in Weybridge (103,600 sq ft) which is owned by Rockspring's UK Value Fund and was also completed in November 2012, Flow in Staines (60,000 sq ft), and Tor in Maidenhead (66,655 sq ft) which are both owned by separate account mandates.

“The leasing of The Stanza Building to a strong covenant demonstrates the success of our strategy to deliver Grade A office accommodation to an undersupplied market,” said Rod Mordey, head of UK asset management at rockspring. “Velocity, Flow and Tor will also aim to capitalise on the continued lack of product at this level of quality in the Thames Valley.”

Rockspring was represented by Knight Frank and CBRE and Nexen was advised by NAI Hawards.