Energy giant E.on is to pay £90,000 a year to take new office space at the Phoenix Business Park in Nottingham.

In a deal secured by Nottingham property agents Fisher Hargreaves Proctor and DTZ, the company will take 5 Phoenix Place on a five-year term.

FHP's Alistair Fearn, who acted for landlord Rotherwood Properties, said that though the deal had a break clause it came at the right time.

He said: "With empty rates just coming into effect we are pleased to have negotiated this letting on behalf of our client.

"Even though there is a break clause halfway through the agreed term, the deal that has been agreed and the covenant that Eon offer meant that it was too good an opportunity for our client to turn down."

This is the third letting that FHP have completed at Phoenix Office Park in the last few months, the previous two being the letting in part of ground floor, Oak Tree House to CHUBB Electronics Limited and the ground floor of Babbington House to Morgan Ashurst Plc.

FHP have also instructed on the rent review of the Digica office building at Phoenix Park, on behalf of the landlord.

Fearn said a rental of £90,000 per annum is in line with the rental tone at Phoenix Office Park and the break clause agreed after two and a half years reflects the need for flexibility from landlords in today's market.

Eon are fitting out the premises to their requirements. Adam Archer, from E.on Business Services, added: "The location and timing was perfect, E.on had a space requirement and this office being opposite existing premises couldn't have been more convenient for us.

"The lease allows us flexibility. E.on have increased their presence on Phoenix Park, and DTZ are acting for us further in acquiring additional premises in Nottinghamshire."

Source: Nottingham Evening Post

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