Chiswick Park attracts £480m bid
One of the largest business parks in the UK is set to be sold for nearly £500m to a private equity group.
Blackstone, the private equity investors are aiming to sign off a deal worth £480m to purchase the 1.8m sq ft Chiswick Park office campus. Chiswick Park is currently owned by several investors of a trust that holds the property and it is believed that more than 50% of the trusts investors are now ready to sell. Although the trust expired in December 2009, a sale was not actively sought during 2010 due to the difficult commercial property market.
Chiswick Park (pictured) is located on a former 33acre, bus depot site on the border of west London suburbs Chiswick and Acton. The business park, constructed by Stanhope plc, will consist of 12 office buildings ranging in size from 81,000 sq ft up to 332,000 sq ft. Construction began in 1999 and 3 office blocks are still be constructed.
Occupancy rates are high and with recent lettings including 140,000 sq ft to QVC and 134,000 sq ft to Tullow Oil, only 74,000 sq ft of vacant floor space is available. The park also includes 82,000 sq ft of serviced office space and a range of cafes, a fitness centre and events/exhibitions space.
Stanhope have commenced construction on a new office and studios for TV shopping company QVC at building 8, with completion to shell and core in April. QVC signed a pre-let agreement in August, 2010. Tullow Oil signed a 15 year lease for floor space in building 9. Rental prices have not been disclosed.
Architects for the speculative development are Rogers Stirk Harbour & Partners who have designed large floor plate buildings that allow for maximum use of natural daylight. The scheme has won several national awards for both the quality and design of the offices and also for the extensive landscaping of the office campus. The buildings have BREEAM ratings of ‘Excellent’.
Marketing agents for the development include Savills and Jones Lang LaSalle
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