£50 million Exeter project

Exeter is in line for a major development with Network Rail seeking a partner for a £50 million project adjacent to Exeter St David’s.

The 6 acre site could support more than 13,935 sq.metres (150,000 sq.ft.) of mixed use space together with a better transport interchange to mate in with Network Rail’s work on the station. There will also be a new public park.

The likelihood is that the scheme would have student accommodation, offices and a hotel. Network Rail’s plan is to fund the scheme by passing the freehold, or a long leasehold, onto the developer once two parts of the project are completed: the multi storey car park and the train crew accommodation.

Law firm pre lets

The demand for space from law firms is confirmed by Cameron McKenna taking 2,449 sq.metres (26,328 sq.ft.) in Crest Nicholson’s 2 College Square, Harbourside.

That is the largest pre let in three years and confirms the top headline rent at £296 a sq.metre (£27.50 a sq.ft.).

Crest Nicholson’s Ian White made the point that the rent free period was in line with other recent schemes but (more importantly) Bristol is not over supplied. Construction on the new office, which allows the law firm to move from a smaller property, is due for completion by the end of the year. The developer now has only 6,503 sq.metres (70,000 sq.ft.) of offices to complete on the site.

New in Richmond

In a further sign of the buoyancy of West London, AXA REIM, on behalf of Friends Life Assurance Society, has secured planning permission for the refurbishment of the 4,461 sq.m. 1 Church Road, Richmond. The office is in the centre of the town close to the railway station and the refurbishment is to be completed in summer 2012. Kevin Mersh of Capita Symonds, joint agent with Martin Campbell, commented: “1 Church Road will be the first major HQ office building to come to the market for many years. Given the extent of the works we are confident the building will appeal to major occupiers in the area.”

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