Posted on February 17, 2011 by John Cronin
Property agents Lambert Smith Hampton (LSH) have been appointed to market a large office scheme in Bracknell.
Guernsey based property investors Mapeley have instructed LSH to market 5 Arlington Square, Bracknell, a 96,900 sq ft office scheme. The building is located in the 22-acre Arlington Square Business Park (website) and is one of four existing Grade A office schemes at the site.
There is approximately 30,000 sq ft of vacant space in Building 1. Serviced offices provider Regus has a centre at 2 Arlington Square. Building 3 offers in excess of 50,000 sq ft of floor space over 5 floors and Building 4 offers 74,000 sq ft of floor space on a pre-let basis.
Arlington Square is one of a number of business parks managed by specialist operator Goodman. The property company has a portfolio of office-based schemes, science parks, industrial estates and distribution centres across the UK. Goodman refurbished the offices at Arlington Square in early 2010 and the business park has previously won a National Landscaping award.
5 Arlington Square was constructed in 2005 and has previously been part-occupied by global software company Oracle. The 4-storey building includes a high specification, tier 2 data centre and as such the agents believe the building is ideally suited for prospective tenants working in the IT, telecoms or media sectors. Other tenants in the business park include Novell, Fujitsu and Broadcom.
LSH are marketing the building to let as either headquarter office accommodation or as whole floor suites offering floor space of 24,000 sq ft. Agents Knight Frank have also marketed the building at a published rental price of £25 / sq ft.
Posted in Berkshire |
Tagged Business Parks, Rental Prices, Serviced Offices, Speculative Developments |
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Posted on February 16, 2011 by John Cronin
Stockport Council have completed a move to a new office block named after a famous tennis star born in the town.
Stockport Council have now completed their relocation to new offices known as Fred Perry House (pictured). The building was named in honour of the world famous tennis player who was born in Stockport in 1909. The grandson of Fred Perry attended the official opening on the building last November that was conducted by the Earl of Wessex, HRH Prince Edward.
The £12m project offers approximately 47,000 sq ft of floor space over 5 floors. The council took the decision to relocate from other office buildings to reduce costs and offer a central service to local residents. The council claims the new offices will be cost neutral for council tax payers. Construction work started in May 2009 with main-contractor Carillion working alongside local, sub-contracting companies. The council had the building constructed within a short time-scale and only issued a completion certificate on 23rd December last year.
The council has nominated the building for the North West Building Excellence Awards as it incorporates various energy saving measures and is the first building in the borough to meet the Changing Places requirements for fully accessible facilities. The building has also been awarded a BREEAM rating of ‘Excellent’.
Architects behind the scheme were Ingenium Architects. The development was project managed by NPS (Stockport) Ltd.
Posted in Manchester |
Tagged Public Sector |
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Posted on February 15, 2011 by John Cronin
An international Scotch whisky company has raised a glass to mark the completion of the fit-out of their new headquarters in Edinburgh.
Malt whisky producer Glenmorangie are now able to move into their new headquarter offices in The Cube building (pictured) in the heart of Edinburgh, following a fit-out by property firm James Barr.
James Barr had a remit to design a bespoke interior that reflected the brand identity of Glenmorangie. The designers have incorporated a range of finishes using veneered panelling, glass, customised lighting and “creative placement of product, company heritage and brand values”. Eric Forgie, Chief Executive, James Barr said: “The result speaks for itself and I am sure our client will enjoy a long and prosperous occupation of their iconic new HQ.”
The drinks company has taken all of the 6,368 sq ft of floor space on the 5th floor and approximately 6,000 sq ft of the larger 4th floor. In total, The Cube offers in excess of 64,000 sq ft of Grade A office space. The other significant tenant in the building is investment group Baillie Gifford who have taken space on the 2nd and 3rd floors, totalling 25,000 sq ft.
The speculative office building was completed in 2009 and incorporates a range of energy saving measures that have resulted with scheme being awarded a BREEAM rating of ‘Excellent’. The building was nominated for a Scottish Design Award (2010) for Best Commercial Building.
Architects for the scheme were Allan Murray Architects and the build was undertaken by Sir Robert McAlpine. Marketing agents for the scheme include Cushman & Wakefield LLP. Rental prices are available on application.
Posted in Edinburgh |
Tagged Speculative Developments |
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Posted on February 14, 2011 by John Cronin
Local residents are said to be shocked at the news that a controversial offices scheme in Windsor has been approved.
The controversial plans to redevelop the former Rank Hovis McDougall headquarters in Windsor were reviewed in late December, 2010 by Clive Kirkbride, an appointed Government inspector. It has now been announced that Mr Kirkbride has given approval for the large-scale, speculative offices scheme.
Windsor resident Peter Archibald told the Maidenhead Advertiser: “These offices are so massively out of scale and character they will dominate and loom over surrounding houses”. However, despite the strong feelings against the scheme, the appeal lodged against the original decision has been approved. Mr Kirkbride notes in his decision document (pdf link) that “as these [new buildings] would have flat roofs they would be broadly similar in height to the existing building which has a more traditional pitched roof”. Mr Kirkbride has also agreed that the proposed development will not give rise to increased traffic management issues.
Commercial property developers St Congar now plan to press ahead with the development of five separate office buildings that will offer a combined floor space of nearly 275,000 sq ft. The speculative development will also include a restaurant, car parking and new public spaces. Various conditions have been imposed upon the proposed development; construction works must commence within 3 years and all the office buildings must achieve a minimum BREAAM rating of ‘Very Good’.
Demolition of the existing 47,000 sq ft Imperial House building is expected to start later this year. An indicative start for construction work has not yet been made public, although the developers indicate that the new offices should be in place by 2014.
Posted in Berkshire |
Tagged Demolitions, Planning, Speculative Developments |
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Posted on February 11, 2011 by John Cronin
Property surveyors and agents GVA have been appointed joint marketing agents at the Lingley Mere Business Park in Warrington.
Acting alongside Manchester-based chartered surveyors Edwards & Co, GVA will look to secure new tenants for the business park (pictured – source). Lingley Mere currently offers 380,000 sq ft of office accommodation set in 100 acres of parkland.
The scheme is a joint venture between United Utilities and developers Muse Developments. The park has outline planning consent for a further 400,000 sq ft of office space, a hotel and distribution units. Planning permission has been achieved for a fifth office unit totalling 18,500 sq ft to complete the Clearwater phase. The existing four units have been let and sold.
Construction started on the speculative scheme in 2006 and the business park now provides accommodation to some 3,500 staff. The scheme is scheduled to be completed by 2021. The next development phase, known as Constance, is to be built adjacent to the new NW Regional Fire Control Centre and will comprise four office buildings. Additionally, a new 55,000 sq ft Grade A office building was completed in 2009 and is now fully occupied and sold.
Out of the three phases of completed development, one phase has achieved a BREEAM rating of ‘Excellent’ and the other two have achieved ratings of ‘Very Good’.
Building 2, Clearwater, a two-storey office block offering approximately 9,000 sq ft of floor space was sold for £1.75m in 2008. The building is let to MWH UK Limited by way of a 10-year lease for a rental price equating to £17.30 per sq ft.
Chris Cheap, Director at GVA, commented: “Lingley Mere is one of the North West’s premier business parks, which has built up a strong track record for delivering first-class office product that’s set against the backdrop of an outstanding working environment.
Posted in Cheshire |
Tagged Business Parks, Rental Prices, Speculative Developments |
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Posted on February 10, 2011 by John Cronin
A private equity company specialising in commercial property has launched the first phase of the new Liverpool Science Centre.
Investors Gresham House plc are now seeking tenants for their speculative scheme located at the former Glaxo Smith Kline (GSK) premises on the Southern Gateway site in Speke. The Liverpool Science Centre (pictured) offers specialist features for science-based companies that are looking for office floor space coupled with facilities for research and design projects.
The building offers in excess of 97,000 sq ft of Grade A floor space and includes offices, clean-rooms, laboratory suites and shower facilities. The specialist rooms are also available on a pay-as-you-go basis. The building is available to let on either a whole-building basis or as suites ranging in size from 800 sq ft up to 5,500 sq ft. A fully-serviced office option is available for start-up businesses. Office suites can be configured to have their own entrance and reception areas. The site also offers 24hour, manned security.
The former GSK Southern Gateway site was purchased by Gresham House in 2004 and in total there is 356,000 sq ft of floor space within the mixed-use scheme. Development work on the latest centre began in 2010. The site is very close to Liverpool John Lennon Airport and the Liverpool Science Park which also offers flexible Grade A office accommodation is nearby.
Mike Boyens of Gresham House subsidiary New Capital Developments said: “Liverpool Science Centre is a fantastic facility that has been developed to a particularly high standard, providing laboratory, clean room, or office accommodation for a science-based business or organisation looking for Grade A premises in a prime location.”
Posted in Merseyside |
Tagged Renovations, Serviced Offices, Speculative Developments |
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Posted on February 9, 2011 by John Cronin
Top Premier League team Manchester United are about to make their latest signing, although this time office space is the target.
Market reports indicate that the London-based sponsorship department of the football club have outgrown their existing offices in Pall Mall and are relocating to offices at Five Stratton Street, Mayfair. The club are rumoured to be paying a rental price of approximately £80 / sq ft for the premium, Grade A offices.
Five Stratton Street (pictured) is a traditional building that has a fully refurbished interior. The building offers just under 700 sq ft of office floor space at ground level with 7 upper floors offering a total floor space of 77,670 sq ft. Suites are available from 625sq ft to 57,745 sq ft. Largest floor plates are 11,560 sq ft. The top floor is used as residential accommodation. Manchester United are expected to take a whole floor within the building.
The building is owned by a division of Schroders called the West End of London Property Unit Trust (WELPUT). WELPUT was granted planning permission for the scheme in 2007 and also received permission for associated applications for cleaning of the Portland stone and minor amendments to the building exterior. The refurbishments were completed in late summer, 2009. The offices have a BREEAM rating of ‘Very Good’. The building is Grade II Listed and was once the London town-house and gardens of Baroness Burdess-Coutts.
Leasing agents for the speculative scheme are DTZ and Strutt & Parker. Rental prices are available upon application.
Posted in London |
Tagged Listed Buildings, Rental Prices, Speculative Developments |
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Posted on February 8, 2011 by John Cronin
Property developers BAM Construct UK have received planning permission for a multi-storey office block in Leeds.
BAM has secured planning permission for a second office at its Latitude scheme in the West End of Leeds. Permission has been granted for a new, 115,000 sq ft seven-storey office building although construction will only commence once a pre-let agreement has been agreed.
The building is to be initially called Latitude Blue and will be built next to an earlier 121,944 sq ft office development in Whitehall Road originally called Latitude Red (pictured). That building was sold in 2007 to IVG, a German property, in a £140m deal for a portfolio of 7 office buildings. Market reports have suggested that IVG has struggled to secure tenants for the building that has since been rebranded as No 1, Leeds. Indicative rental prices for the Grade A office accommodation are around £24 / sq ft. Marketing agents for the scheme are Knight Frank.
Latitude Blue will be built on a 10-acre site that could eventually offer in the region of 600,000 sq ft of Grade A office floor space in several buildings along with 650 residential apartments. BAM Director, Michael Smart, said of the proposed building: ‘This will be a high-spec development, designed and built to achieve a BREEAM ‘Excellent’ rating to deliver energy efficiency and low running costs.”
The company indicates it can offer flexible floor plans and fit-out specifications configured by the prospective tenant. A build lead-time of 18 months is quoted. Agents for the speculative scheme are BNP Paribas Real Estate.
Posted in West Yorkshire |
Tagged Planning, Rental Prices, Speculative Developments |
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Posted on February 7, 2011 by John Cronin
An historic building in Cornwall could reopen next year as a mixed-use scheme if hoped-for funding is received.
The Old Duchy Palace in Lostwithiel (pictured) is a Grade 1 Listed palace and is one of the most historically important buildings in Cornwall. Plans have been submitted to convert the building into a mixed-use scheme of speculative, commercial office space and local community meeting space.
The building was last used as a masonic lodge and has previously been used for a wide range of purposes including administrative offices and the County Court. Constructed in around 1290-1300 the building was purchased by the Prince’s Regeneration Trust in 2009. Prince Charles visited the building last November to see for himself the after effects of flash flooding that occurred in the area (via Lostwithiel blog).
An application for a £400,000 Heritage Lottery Fund grant was rejected last September but the Trust is now hoping that funding of approximately £200,000 can be secured from the European Regional Development Fund to add to funds already secured.
The revised scheme contains a mix of commercial and community use within the building. The basement will include a heritage interpretation, telling the story of the Old Duchy Palace. The main hall and first floor will provide commercial office space and meeting room / studio office space for community use. The main first floor offices will offer an approximate floor space of 700 sq ft.
Ros Kerslake, Chief Executive, The Prince’s Regeneration Trust said: “We have worked hard over the last few months to come up with a new scheme, one that although it has less community use than we had originally intended will still ensure an exciting and viable future for the Old Duchy Palace.”
Architects for the scheme are conservation specialists Purcell Miller Tritton.
Posted in Cornwall |
Tagged Listed Buildings, Renovations, Speculative Developments |
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Posted on February 4, 2011 by John Cronin
A family owned commercial property company with office schemes in the Midlands and the north has reported another profitable financial year.
Manchester-based Bruntwood has this morning published its latest financial results for the year ending September 2010 and again the commercial property specialists have seen profits in excess of £10m. The company primarily specialises in office space and serviced offices and tends to focus on regional cities such as Manchester, Liverpool, Birmingham and Leeds.
Bruntwood has recorded an increase of 28% in new lettings across its portfolio of office accommodation. The total value of the company’s portfolio of offices was up 4% to £948m and its net increasing 3.2% to £310m. Turnover was up 3% to £100.2m while net profit fell slightly to £11.1m.
The company now manages a total of 101 properties affording over 6m sq ft of floor space and 1860 serviced office desks. The company returned to the market to purchase the 120,000 sq ft City House office block (pictured) in Leeds. Bruntwood now manage approximately 400,000 sq ft of floor space in the city with occupancy rates in excess of 90%.
The Manchester office market is the main area of activity for Bruntwood with the company reporting that it currently owns 20% of the available market, with managed floor space now exceeding 3m sq ft. Along with several Grade A office refurbishment schemes Bruntwood has had success with a speculative new-build scheme at 1 New York Street. The building is also Grade A rated and 68,000 sq ft of the floor space was let during the year. Office suites within the building range in size from 1,500 sq ft to 18,500 sq ft. Quoted rental prices are around £28 / sq ft.
Commenting on the results, Chief Executive, Chris Oglesby said: “Despite a tough market and stiff competition, we have delivered a very impressive increase in new lettings with a record year in Greater Manchester and continued success in our other three cities.”
Posted in Manchester |
Tagged Serviced Offices, Transactions |
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