Zake has completed two pre-lets at the 75,000 sq ft Sovereign office development in Brighton, taking the building to 50% let.
Photography and videography equipment platform MPB has pre-let the entire third floor, comprising approximately 18,000 sq ft together with a 2,319 sq ft private terrace, on a 10-year lease, and media and events group William Reed has signed for the 19,400 sq ft first floor on a 15-year lease.
Sovereign, which provides newly refurbished prime Cat A office space over four storeys, features a wide range of amenities, including a new rooftop level and a communal terrace, offering panoramic views across Brighton and towards the sea.
James Harding, director at Zake, said: “We’re delighted to have signed a growing Brighton-based business in MPB and that William Reed has decided to relocate its office function from Crawley to Brighton. As a local stakeholder and developer, we are delivering a scheme fit for purpose for the modern occupier and are keen to attract forward-thinking businesses that see Brighton as their long-term home.”
Jack Riley, partner, South East and Greater London offices at Knight Frank, which is joint leasing agent at Sovereign alongside SHW, added: “This is not simply two strong lettings. It is clear evidence that the shortage of speculative development across the South East is fundamentally misaligned with occupier reality. To have Sovereign 50% pre-committed ahead of completion is testament to Zake’s decision to speculatively deliver a best-in-class office development.
“It sends a clear message that developers with conviction and the ability to deliver genuinely best-in-class space will find occupiers ready to commit. With almost all regional demand now focused on Grade A stock and supply at critical levels, schemes like this are no longer optional but essential to allow modern occupiers to move and grow. We expect the remaining space to be taken swiftly.”
William Reed was advised by SHW.
