August 2007 - Glasgow's City Park serves up more space for Dell

DTZ brokers deal which sees computer giant lease development's restaurant

Computer giant Dell has swallowed up more space in popular business village City Park including the lease on the restaurant in a deal secured by agents DTZ.

The computer systems company has agreed a 15-year term, with a break option at 10 years, on the 6,348 sq ft restaurant on the basis that it will run the 400-seater eatery for all the tenants in the development.

Dell has also taken an additional 21,560 sq ft of space on the second floor in City Park on a 15-year term with a break at 10 years. Rent on both the restaurant and extra space is £18.50 per sq ft per annum.

This deal has seen Dell increase the amount of leased space it has at City Park to just under 130,000 sq ft.

In a separate deal, DTZ has assisted Glasgow City Council snap up 10,384 sq ft on the ground floor of the development. The council, which has agreed a 15-year lease with a break option at 10 years, will locate one of its data centres at City Park.

Stephen McKenna of DTZ said: "These deals illustrate the huge popularity of City Park among both public and private sector tenants. Indeed, there is now only 15,525 sq ft available on the 3rd floor of the development.

"Dell's decision to take the lease on the restaurant and additional space is a ringing endorsement of the quality of accommodation provided by the development.

"City Park tenants benefit from a development which is just minutes from the centre of Glasgow at very competitive rents."

DTZ acted for landlord Rock Capital Group while Dell represented itself.

Current City Park tenants include Scottish Gas, Aggreko, Smooth FM, children's charity NCH and Glasgow Housing Association.

City Park was opened in 2002 following a £20 million revamp of the former Wills Building in Alexandra Parade, Glasgow. Facilities at the development include a gym and health suite, training rooms, café, shop, occupational health services and parking for 500 cars. It has a capacity to house 3,000 employees in 300,000 sq ft of space. City Park was recently acquired by Rock City Park Jersey Unit Trust, a fund created by Rock Capital Group, for £63.25 million from joint venture partners Elphinstone and Earthquake Property Partners who transformed the building five years ago.