The former headquarters of collapsed airline Monarch has undergone a £10m transformation and is welcoming new tenants.
Percival House at London Luton Airport was formerly home to Monarch before the company fell into administration in 2017.
The three-storey, 36,000 sq ft office was left vacant after the firm’s demise, but has since been extensively modernised by Hampton Brook – and a first major tenancy deal has now been agreed.
London Luton Airport Operations Ltd (LLAOL) has signed a 20-year deal to occupy the 12,155 sq ft second floor of the building.
Luton-based property consultancy Kirkby Diamond is talking to expressions of interest for the remaining two floors, ranging from 3,388 sq ft up to 24,367 sq ft.
Eamon Kennedy, head of commercial agency (group) at Kirkby Diamond, said Percival House represented an excellent investment for Hampton Brook, at a time when the airport is undergoing a £110m redevelopment to increase capacity and improve passenger experience.
He said: “There was considerable interest in the former Monarch Airlines HQ and I’m delighted that Hampton Brook was successful in acquiring the property.
“They have invested heavily in a programme of complete refurbishment to create a superb property.
“While the collapse of Monarch was a substantial blow to the local economy, we are delighted that we have been able to lease 12,000 sq ft to London Luton Airport Operations Ltd.
“We also have significant interest in the remaining two floors, which demonstrates the demand for office space at the airport, and we expect to be able to announce more new occupiers in the near future.”
Ian Jackson, director of Hampton Brook, said: “To have secured such a high-profile occupier as our first pre-let is an excellent result that endorses our strategy; to deliver high-quality office accommodation at the airport that focuses on the changing occupational needs of forward-thinking organisations such as LLAOL.
“We undertook this comprehensive refurbishment because we were confident of strong demand for Grade A office space in this location. The airport’s decision to relocate here illustrates our approach was the right one.”
Strong interest in the building continues to be shown from other high-calibre occupiers keen to take advantage of both the sustainable features the building has to offer and the wider transport improvements taking place at the airport.
Hampton Brook also has planning consent for an 11,000 sq ft self-contained building and several potential occupiers have expressed an interest. Construction could start early this year.