Rockspring Property Investment Managers LLP, together with its joint venture partner Exton Estates, announces that it has begun construction of 'Flow', a 60,000 ft² (approx. 5,500 m²) office development in Staines. The scheme, which is scheduled for completion in spring 2013, marks the first new office building in Staines since 2007.
The joint venture is developing two new headquarter buildings providing a total of 60,000 ft² of high specification office space. Flow One will comprise 42,000 ft² arranged over four floors, while Flow Two will extend to 18,000 ft² across three floors. The building will also provide 172 car parking spaces.
With an estimated development cost of £17 million, the modern buildings will incorporate a number of sustainable features including renewable (site generated) energy sources and is aiming to achieve a BREEAM Excellent rating.
Situated on The Causeway, Staines' premier edge of town office location, the site benefits from close proximity to the town center, the River Thames and M25, and is expected to benefit from the favorable supply/demand imbalance that continues to drive the M25 west office market, and to provide an excellent environment for the tenants and their visitors.
Katie Webb, Fund Manager at Rockspring, commented: "This site provides the opportunity to deliver grade-A office space into an undersupplied market and we expect to see strong interest from tenants who are increasingly demanding the best quality accommodation."
Stuart Bedford at Exton added: "Staines has an impressive track record of attracting national and international occupiers and, by embarking upon the next phase of development in the town, we plan to extend its offering with new impressive headquarter scheme."
Strutt & Parker and CBRE have been instructed as joint agents on Flow.
Source: FTI Consulting