TATA Technologies Exchanges Contracts with USS on £19.25m Forward Funding of New HQ
TATA Technologies Europe Ltd (TTEL), represented by Atlas Real Estate, has exchanged contracts with Universities Superannuation Scheme (USS) on the forward funding of a new 63,000 sq.ft HQ office building on Tachbrook Park, Leamington Spa.
Construction on the 63,000 sq ft office building – which will house 600 staff – has just commenced, with practical completion expected in early 2017. Fusion Building Consultancy is acting as TTEL’s development manager.
TTEL will enter into a 15 year lease on completion of the development. The agreed purchase price represents a net initial yield of 5.71%.
The 3.85 acre site at Tachbrook Park will become Tata’s purpose-built European headquarters. Its current HQ is located on Coventry University Technology Park in Coventry.
The base will house Tata Technologies’ engineering support services as well as a research and development centre aimed at further developing the company’s capabilities and growth opportunities, especially in the automotive, aerospace and industrial machinery sectors. The Tata Group owns Jaguar Land Rover.
USS were represented by GBR Phoenix Beard.