A new 15-year lease has been signed on Southampton’s second largest office by a major employer in the city.
In a deal through property consultancy Vail Williams, FTSE-250 listed Quilter Plc committed to 108,856 sq ft Quilter House at Portland Terrace.
The UK wealth management firm has been based in the city centre since 1979, under previous heritage brands Old Mutual Wealth and Skandia, with the landmark offices providing a regional hub and customer service centre.
Vail Williams, which has its Southampton office at nearby Ocean Village, acted for Quilter in the restructuring its previous lease.
Lease advisory specialist Joe Walker, a Vail Williams Partner based in Southampton, said: “The new lease at Quilter House is a win-win outcome, enabling Quilter to invest in a modern and adaptive working environment in the heart of the city, while offering the landlord long-term income security.
“It is positive to see occupiers investing to better reflect new ways of working, due to technology and the pandemic, as well as encouraging best environmental practice, wellness and creativity. It demonstrates that high-quality office environments continue to play an important role for many businesses.
“Quilter House has unrivalled prominence in the city centre and the proximity to local transport infrastructure makes this the ideal location for a regional office hub.
“A long-term commitment from Quilter shows confidence in Southampton city centre as a vibrant location in which to do business.”
Will Sharp, Head of Estates at Quilter, commented: “We are grateful to Vail Williams for their assistance in this transaction – extending our lease at Quilter House is reflective of our commitment to providing a fit for purpose, high quality working environment in Southampton and indeed the wider portfolio.”
According to industry data, Southampton has a workforce of 132,000 with a median age of 32; just over one-third of the population of 252,520 are aged between 18 and 35.
Prime headline rates in the city for Grade A offices are £26.00 a sq ft.