Morgan Stanley plans to use the building for telecommunications co-location and equipment housing. The existing 30 year lease on the 246,000-sf warehouse building runs from September 2000 and had a passing rent of £2.9 million ($4.6 million) per annum, which at the time was a record for this type of accommodation in the area.
The new rental of just over £3.07 million ($4.9 million) per annum shows that there has been rental growth in the Heathrow industrial sector at a time when office rents in the area have been plummeting, according to Brixton.
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