TIME:Commercial Long Income has made the long lease purchase of an office building let to The Secretary of State for Housing, Communities and Local Government (UK Government) under a 18 year lease (without breaks) for the purchase price of £73.3million. The lease benefits from a fixed rental increase in March 2026 and then an upwards only, open market value rent review in March 2031.
The five storey property is used by various departments such as HMRC, Highways England, Valuation Office Agency, Crown Prosecution Service, Advisory, Conciliation & Arbitration Service, Legal Aid Agency and the Department for Communities & Local Government. Major nearby occupiers in this prime central business district include Deloitte, Osborne Clarke, Canada Life, HSBC and IBM.
Temple Quay is a modern landmark Grade A headquarters office building. The 154,000 sq. ft property, which was constructed in 2001, is arranged over five floors, including basement parking spaces. The tenant has undertaken refurbishment works over the last three years, with more recent work to be completed in the short-medium term.