151,000 sq ft let at Stockley Park

A 151,000 sq ft building at Stockley Park has been let to Canon.

CoStar News has reported that The Bower has been entirely let to the Japanese giant in a deal secured by Clearbell Property Partners II LP and Patrizia. It is the park’s biggest signing in 30 years.

The Bower, which has undergone comprehensive refurbishment to bring it up to BREEAM Excellent and EPC A ratings, will become Canon’s UK and European headquarters.

Dominic Moore, head of ESG and asset management at Clearbell Capital, said in a statement: “Canon’s decision to move its headquarters is testament to the quality and versatility of the asset.

“It also represents a vote of confidence in the future of the office. With restrictions easing, businesses and their employees are keen to return to their workplaces but are also reassessing their needs.

“Landlords that can offer space with the opportunity for collaboration and connection, as well as stringent hygiene and safety procedures, will have the upper hand.”

Nick Taylor, director asset management for Patrizia, said: “We are proud to have secured a world-class tenant like Canon for this attractive asset close to Heathrow Airport.

“Not only is this a sign that the office market in and around London remains resilient, but for our clients invested in our Patrizia UK Value II fund this is very good news.

“It marks the successful completion of the last remaining major business plan target for the fund and unlocks a material improvement in value.”

Cushman & Wakefield, CBRE and DTRE acted for Clearbell and Patrizia. Re-Creations advised Canon.

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