The British Land Company PLC and Marconi Communications Ltd. have agreed terms for the development of a new headquarters campus for the telecommunications company at New Century Park, Coventry.
British Land will develop 310,000 sq. ft. (28,800 sq. meters) of new office space on a site adjacent to Marconi’s existing premises for occupation in late 2006. Upon completion Marconi will enter into new 25-year leases. Heads of terms have also been agreed with Marconi for the pre-letting of an 80,000 sq. ft. distribution unit, also to be developed by British Land at New Century Park.
British Land acquired New Century Park from Marconi in 2001 and has already secured outline planning permission for an 850,000 sq. ft. (82,000 sq. metres) business park development. A revised planning application for this first phase of development is to be submitted early in the New Year.
Nigel Webb, Head of Development at British Land, commented, “We are delighted to announce the first phase of development at New Century Park. Marconi’s long-term commitment to this site is good news for Coventry and the West Midlands region. Marconi’s commitment to the first phase of the development will protect existing jobs within the area and act as a catalyst for the continued development of New Century Park as one of the regions leading business parks.”
Paul Harris, EVP of Real Estate and Operational Developments, of Marconi said, “We are pleased to confirm our commitment to Coventry and New Century Park. Relocation into new purpose built high-quality accommodation will ensure that the company can continue to retain and attract the high-quality labour force, which is essential to the company’s long-term success. By consolidating into modern efficient premises at New Century Park we will be able to reduce the space we need, upgrade our facilities and save costs at the same time.”
Source: British Land