This property, comprising 14,500 sq ft, became vacant in 2016 following which the Company took the decision to refurbish the building. Solaris House has now been let to Monier Redland Ltd, part of BMI Group, for a term of 10 years from May 2018 without break with provision for a rent review at the 5th year. The headline rental is £240,000 per annum exclusive (which equates to £16.55 per sq. ft.) although £120,000 per annum is 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 sq ft, were refurbished to the same specification by the Company in 2014 and are currently let to Rockwell Automation (“Rockwell”) until December 2026 with provision for an upward only rent reviews in December 2018 and December 2022. Rockwell is currently paying rent equivalent to £10.40 per sq. ft..
Neil Sinclair the Chief Executive of Palace Capital commented;
“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. It sets the tone for the forthcoming rent review with Rockwell.”