New-look offices see rents increase by 79%

Rents at the former Peterborough home of Thomas Cook have soared by 79 per cent since the holiday giant’s collapse.

The 155,000 sq ft offices at WestPoint, in Lynch Wood, have undergone a major renovation following the travel operator’s demise in 2019.

At the time, Thomas Cook was paying a quoting rent of £12 per square foot.

But landlords Atlantic Leaf say that following the revamp that rental figure has risen by 79 per cent to £21.50 per square foot.

Newly signed up tenants include engineering consultancy Royal Haskoning DHV and chartered accountant Saffery Champness, who have each taken about 12,000sq ft, and technology consultant Charterhouse, which has about 5,000sq ft.

They will join Western Union and environmental consultant JBA Consulting.

Atlantic Leaf, which bought WestPoint for £25.1 million from Westmount Real Estate in 2019, has added an on-site cafe, lakeside terrace, gym, sports hall and cycling facilities.

Edward Gee, associate director at Savills Peterborough, which is advising Atlantic Leaf, said: “WestPoint has recently undergone an extensive refurbishment programme, offering some of the best quality readily available space in Peterborough.

“Due to a general lack of Grade A supply in the city, coupled with a flight to quality by occupiers, especially since the start of the pandemic, we have seen significant rental growth.

“However, this remains comparably lower to other nearby competing commercial centres making it excellent value for potential new entrants.”

The new look exterior of the WestPoint offices.

The interior of the new look WestPoint offices