Head of steam

The industrial sector has picked up steam which has been highlighted by the pre let of a large shed on the Suttons Business Park, Reading to Brakes Group, a food supplier, the largest of its type ever in the town.

The deal, through Haslams and Lambert Smith Hampton (LSH), means Standard Life Investments will develop the 19,230 sq.m.distribution and storage unit as a chilled warehouse. Philip Hunter of LSH commented: “This deal alone equates to more than 60% of the total industrial space transacted in Reading last year. For large industrial occupiers, the shortage of big sheds poses a very real challenge when it comes to acquiring new premises.”

Haslams’Neil Seager said: “Brakes’ acquisition of this new facility is an important transaction, both for Reading and the wider Thames Valley industrial market. Not only does it mark the largest deal of its type, but it sees the arrival of a major new occupier to the town.”

Another major scheme in Reading sees Royal Mail seeking a developer to buy a 69,675 sq.m. mixed use scheme on the 6 acre site of a former sorting hub. Royal Mail has planning permission for a scheme which would have 370 homes, offices, shops, restaurants and a hotel. Martin Gafsen of Royal Mail commented: “We have a strong track record in using theproceeds from the disposal of surplus property to invest in the mail operation.” Meanwhile, the office take up in Reading recorded a 116% increase to 17,191 sq.m. in the first half year compared with the same period of 2010, reports Stephen Head of Hicks Baker. He added that: “There are concerns that continuing economic uncertainty and fragile business confidence is slowing the rate of deals in the pipeline and this means the market may struggle to match the total take up of 2010.”

Head notes that the outcome will depend on the major enquiries in the market, such as Reading Borough Council and ING. He added that: “The market is relying on at least one of these ‘trophy deals’ coming to fruition in the next few months. We have to consider this (the take up in 2011) in context and remind ourselves that 2010 was already a considerable improvement on and 150% up on 2009.” The council’s decision should come in October. ING is looking for around 8,361 sq.m, more than it occupies in Reading at the moment where the lease ends in 2014.

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Companies are cash rich

While politicians bemoan the slowing of the economy, companies have been prudently piling up the cash in their balance sheets. What is preventing them from spending the money on mergers, better properties or machinery, is a lack of confidence throughout the global system. That will change in due course and they will go for growth. That particularly applies to the technology sector, the lifeblood of the Thames Valley. So it is encouraging that a number of major companies are now seeking space, such as Huawei, Nokia, ING, BP and Hasbro.

Their total requirements could be 35,302 sq.m. (380,000 sq.ft.) to which should be added substantial requirements from Centrica and an electronics manufacturer. That should be compared with the latest analysis from Jones Lang LaSalle with a poor second quarter take up of less than half that of January-March, giving a six months’ total of 52,210 sq.m. (562,000 sq.ft.). But there has been a surge in requirements to 297,280 sq.m. (3.2 million sq.ft.), which is 17% up on the same period of 2010; a healthy pointer to the future.

JLL’s James Finnis commented: “Grade A supply is being erodedand the development pipeline, which remains at a record low, is failing to replenish it. We are forecasting a point in 2012 where, assuming current levels of demand, rents will increase markedly for the best areas.” Another indicator of a healthier market is that Finnis reports 1.8 million of office inspections in the second quarter, well up on January-March.

Experience varies from town to town with Simon Fryer of Fryer Commercial reporting that “July and August were quieter than usual. Fortunately, we have been much busier in September.”

He notes the fierce competition between landlords to keep tenants and do new lettings. Fryer points to the start of Bracknell Regeneration which will bring in retail facilities, notably a new Waitrose supermarket. As far as the office market is concerned, a letting of one of the large buildings available (there are four totalling 46,450 sq.m. would be a real boost to confidence.

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Spreading a little happiness

West London has benefited from the market improvement in the capital which could bolster growth along the Thames Valley. That has led to rental increases in such centres as Hammersmith where Grade A space is now £339 a sq.metre and a return of the development cycle. Ever quick to spot a development opportunity, Stanhope is negotiating with the Irish National Asset Management Agency (NAMA) to buy the former headquarters of Gillette. The 10.5 acre site was owned by Bonnington Group who had a plan to build a 500 bedroom hotel and offices after paying £30 million for the Grade II listed Art Deco building. Stanhope is bidding £15 million for the Isleworth site.

Another Art Deco gem is due for refurbishment with Cathedral Group and Development Securities buying the London Business Park, Hayes, Middlesex from JER Partners, Blackstone and Resolution. The new owners intend to spend £250 million on the park, which was the former headquarters of EMI, the music Group. The estate was designed by one of the most successful designers of Art Deco buildings, Wallis, Gilbert & Partners, who were also responsible for the Hoover Building and the Firestone Factory, now demolished, both in West London, and Victoria coach station. Sadly many of the buildings, said Cathedral, have been forgotten and the park is “a special place that had not been recognised by its previous owners.” Cathedral‘s Richard Upton said: “This site is part of the magic of the UK‘s industrial and architectural history, but it has been hidden and forgotten for decades.” So his crusade is to uncover the park‘s heritage and restore its full glory. As part of the development, the amount of commercial space will increase from the current 69,675 sq.metres.

Long road to recovery

The Thames Valley office market is ratcheting up steadily as the recovery broadens and speculative activity is renewed. That brought a strong first three months of the year with a surge to a record performance, said King Sturge (who have now
merged with Jones Lang LaSalle). It calculated a 37,996 sq.metres (409,000 sq.ft.) take up, which
beat the five year average and was a 37% rise on the same period of 2010.

The encouraging change for long term growth is that total availability declined by 10% compared with a year ago to 641,010 sq.metres (6.9 million sq.ft.). Piers Leigh of Jones Lang LaSalle commented: “Due to the slow progress of large transactions, we are still forecasting a slightly below average take up for the year of 139,350 sq.metres (1.5 million sq.ft.).” He noted Grade A supply could fall to a critical level in west London which means rents will rise. For the future “we have seen a significant rise in speculative development with four key schemes within the M25 under construction or due to start within the next six months.”

Knight Frank highlights the dominance of manufacturing and pharmaceuticals which account for a third of total demand. It also noted that active demand declined in the first quarter by 14% to 472,119 sq.metres (508,201 sq.ft.) after a number of requirements were satisfied. While the agent welcomes the rise in speculative development it believes that it will be limited and confined to prime locations. According to Knight Frank, Maidenhead had four deals in the first quarter, the largest being 4,645 sq.metres (50,000 sq.ft.) to Adobe in Market Street in the centre of the town which only completed in the final three months of 2010.

As far as the M25 market is concerned, the agent cautiously predicts a 5% increase to 213,670 sq.metres (2.3 million sq.ft.) this year compared with 2010 but expects little change on the total for the M4 and even a 15% decline in the M3 take up.

Wanting it green

Sentiment in the key Thames Valley market of Reading will be boosted by the competitive bidding for PRUPIM‘s Green Park campus.

At the moment the expected price is around £400 million although that may not be the final figure. The bidders are substantial enough, (such as Delancey, Blackstone and MSREF) to make a deal effective. Indeed there is considerable potential because one third of the planned 204,380 sq.metres (2.2 million sq.ft.) still has to be developed.

In the past few years there has been a move towards town centre lettings in Reading to the detriment of the business parks, but this may well change as the availability of Grade A space declines.

Meanwhile, Reading Council is again looking for a substantial amount of space in the centre. While the general situation throughout the country is for local authorities to cut spending, Reading has a problem with its staff at the civic centre in Dusseldorf Way who are exposed to an asbestos problem. The current thinking is that the council will take a building of 7,897 sq.metres (85,000 sq.ft.), which is about 30% less than planned three years ago when the high construction costs stopped the scheme.

The council will have to develop the new civic centre but it also has the opportunity to trade its existing site. One new scheme in Reading is RO Developments’, in association with Urban Switch, refurbishment of the 1,440 sq.metres (15,500 sq.ft.) Napier Court office building in Napier Road, adjacent to the railway station. Refurbishment will be completed by the autumn and the property is being offered as a leasehold or freehold. Rhodri Shaw of Strutt & Parker, joint agents with Parkinson Holt, said: “RO‘s flexibility and realistic pricing, coupled with Napier Road‘s proximity to the railway station and outstanding parking levels will provide occupiers with the best of in-town and out-of-town locations.”

One recent large letting has been Capita taking 2,233 sq.metres (24,040 sq.ft.) in Schroder Exempt Property Unit Trust‘s New Century Place through Lambert Smith Hampton.

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Slough, again

SEGRO is unending in its expansion and improvement of the flagship Slough Trading Estate. The latest development is a 6,916 sq.metres (74,445 sq.ft.) warehouse for Selig, a manufacturer of sealing products, which has been located on the estate for more than 80 years and will take a 15 year lease.

SEGRO‘s Paul Lewis said: “In today‘s fast paced, global economy, the occupational requirements of major international businesses, such as Selig, evolve quickly. As the only location in the south of England to have Simplified Planning Zone status, the trading estate has a significant advantage.”

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Healthier in Basingstoke

Basingstoke has had a lift with the letting by private landlords of a 3,409 sq.metres (36,700 sq.ft.) warehouse to Laleham Healthcare on Kingsclere Road. The deal, with London Clancy acting for the landlords and Hurst Warne for Laleham, means the healthcare company can consolidate its dispensary, laboratory, storage and packaging facilities

in Basingstoke from which they will carry out nationwide distribution via the M3 and M4 motorways. The warehouse known as Central 37 has been extensively refurbished and gives Laleham more space at its Alton factory to support expansion plans.

Also in Basingstoke, SEGRO has let part of Rawdon House, Kingsland Business Park to the IT maintenance and service provider, CDS.

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Spreading a little happiness

West London has benefited from the market improvement in the capital which could bolster growth along the Thames Valley. That has led to rental increases in such centres as Hammersmith where Grade A space is now £339 a sq.metre and a return of the development cycle. Ever quick to spot a development opportunity, Stanhope is negotiating with the Irish National Asset Management Agency (NAMA) to buy the former headquarters of Gillette.

The 10.5 acre site was owned by Bonnington Group who had aplan to build a 500 bedroom hotel and offices after paying £30 million for the Grade II listed Art Deco building. Stanhope is bidding £15 million for the Isleworth site. Another Art Deco gem is due for refurbishment with Cathedral Group and Development Securities buying the London Business Park, Hayes, Middlesex from JER Partners, Blackstone and Resolution. The new owners intend to spend £250 million on the park, which was the former headquarters of EMI, the music Group.

The estate was designed by one of the most successful designers of Art Deco buildings, Wallis, Gilbert & Partners, who were also responsible for the Hoover Building and the Firestone Factory, now demolished, both in West London, and Victoria coach station. Sadly many of the buildings, said Cathedral, have been forgotten and the park is “a special place that had not been recognised by its previous owners.” Cathedral‘s Richard Upton said: “This site is part of the magic of the UK‘s industrial and architectural history, but it has been hidden and forgotten for decades.” So his crusade is to uncover the park‘s heritage and restore its full glory. As part of the development, the amount of commercial space will increase from the current 69,675 sq.metres.

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Better than it looks

Two towns are symbolic of the M3 market with the lowest rents in the Thames Valley. Basingstoke is the lowest at £193.68 followed by Bracknell at £215.20 a sq.metre (£20 a sq.ft.), Simon Fryer of Fryer Commercial does not accept the current pessimism about Bracknell. “Rents have tumbled which has brought the desired effect of producing sales and lettings,” he said. “Take up was 17,651 sq.metres (190,000 sq.ft.) in 2010 and so far this year we have done 4,465 sq.metres (50,000 sq.ft.), half of that to Symphony IRI at 1 Arlington Square and another large chunkto Riverbed Technology at 1 Thames Valley House.”

Fryer said: “There is plenty of supply and Bracknell is the best value town in the Thames Valley. The improvement will be helped by the town centre regeneration which has now got underway.”One major building coming onto the market in Bracknell is the 9,002 sq.metres (96,900 sq.ft.) 5 Arlington Square which is being marketed by Lambert Smith Hampton and Knight Frank. Unusually, it has a Tier 2 data centre which cost £10 million to install and makes the building an attractive proposition for technology, media and telecommunications companies. Knight Frank‘s Will Foster said: “Bracknell is a key Thames Valley office centre and such high grade space that is not only available, but already fitted out and geared to the needs of the 21st century occupier, will differentiate it from much of its competition.”

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Long recovery road

The Thames Valley office market is ratcheting up steadily as the recovery broadens and speculative activity is renewed. That brought a strong first three months of the year with a surge to a record performance, said King Sturge (who have now merged with Jones Lang LaSalle). It calculated a 37,996 sq.metres (409,000 sq.ft.) take up, which beat the five year average andwas a 37% rise on the same period of 2010. The encouraging change for long term growth is that total availability declined by 10% compared with a year ago to 641,010 sq.metres (6.9 million sq.ft.). Piers Leigh of Jones Lang LaSalle commented: “Due to the slow progress of large transactions, we are still forecasting a slightly below average take up for the year of 139,350 sq.metres (1.5million sq.ft.).”

He noted Grade A supply could fall to a critical level in west London which means rents will rise. For the future we have seen a significant rise in speculative development with four key schemes within the M25 under construction or due to start within the next six months.” Knight Frank highlights the dominance of manufacturing and pharmaceuticals which account for a third of total demand. It also noted that active demand declined in the first quarter by 14% to 472,119 sq.metres (508,201 sq.ft.) after a numberof requirements were satisfied.

While the agent welcomes the rise in speculative development it believes that it will be limited and confined to prime locations. According to Knight Frank, Maidenhead had four deals in the first quarter, the largest being 4,645 sq.metres (50,000 sq.ft.) to Adobe in Market Street in the centre of the town which only completed in the final three months of 2010. As far as the M25 market is concerned, the agent cautiously predicts a 5% increase to 213,670 sq.metres (2.3 million sq.ft.) this year compared with 2010 but expects little change on the total for the M4 and even a 15% decline in the M3 take up.

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Northern M25 lags

In a steadily improving office market in the three areas of the M25, there was a rise in the vacancy rate in the northern section in the first quarter of the year. Indeed there was a near 25% increase in the availability in size of 4,645 to 9,290 sq.m. while the smaller spaces had only small increases, reports Colliers International.

The vacancy rate in the area is now a record 20%. Broadly speaking, rents in the northern section are lower than in the Thames Valley with, for example, Milton Keynes and St Albans at around £226 a sq.m. Colliers’ Philip Papenfus said of the M25 market:”It is a positive sign that we are now seeing some resurgence in speculative office development and funding. The technology and media sectors continue to see healthy growth.”

Up 65% in Western Corridor

The confidence is flowing back into the Thames Valley market as agents experience a rise in lettings and key towns perform again. The figures bear this out with Jones Lang LaSalle reporting a 65% rise in office take up for the Western Corridor in 2010 compared with the previous year to a total of 5,090 sq.metres (2.1 million sq.ft.). The impetus in the third quarter came from a number of large deals. What is gratifying is that the average deal size was up substantially on 2009 at 1,830 sq.metres (19,700 sq.ft.). JLL’s James Finnis commented: “Office take up in the Western Corridor was relatively silient in 2010.

The deals were generally driven by lease events and consolidation rather than expansion, with the focus of activity remaining in town centres, which accounted for more than two-thirds of last year’s expansion.” Bracknell is a good example of this trend with Simon Fryer of Fryer commercial reporting that “the office market fared well last year with close to 18,580 sq.metres (200,000 sq.ft.) let which is not far off the five year average.” In his opinion, companies view Bracknell as “offering the best value office accommodation in the region.” As in the rest of the UK, the market is dominated by short leases. Fryer believes that Bracknell suffers from a shortage of quality small office suites, which Fenchurch Estates is seeking to remedy through their 2, The Braccans, London Road scheme, which was previously occupied by Johnson & Johnson. Fryer Commercial has let one unit and has other potential occupiers lined up.

At One the Braccans, Brocade Communications, a US technology firm, has leased 2,276 sq.metres (24,500 sq.ft.) at £193.68 a sq.metre (£18 a sq.ft.) through Studley. James Page of Page Hardy said: “With prime rents at around £193.68 a sq.metre (£18 a sq.ft.) in Bracknell and substantial incentives on offer, it has become very inviting for occupiers which has brought a good deal of activity over the past year.” He added that there is also a degree of demand from other use classes demonstrated by the sale of Benedict House to Fisher for serviced apartments. Strutt & Parker and Fryer Commercial were joint agents. “There are encouraging signs for 2011 which has started with a number of active requirements touring the town. There are also signs of strong demand from residential uses for some of the vacant offices,” Page said.

Pace quickens

Judging from the 2011 outcome, the Reading market has turned the corner after years of stagnation. After a poor first quarter, the pace quickened to the end of the year when the total reached 30,404 sq.metres said Stephen Head of Hicks Baker. The total included a number of substantial deals, notably Quintiles taking 11,273 sq.metres at 500 Brook Drive, Green Park. Head said: “There was a late flurry of activity with a number of deals that were expected to fall into 2011 completing over the Christmas period and one surprising deal (in the sense that, whilst a known requirement, Pegasystems did not move to the expected building).” He added that “this has to be seen as very positive on two counts as the £322.80 a sq.metre headline rent has been achieved in the town centre and in the immediate future it also takes more Grade A competition out of the supply/demand equation which, from a landlord’s perspective, will put additional pressure on rents.” The central point about the 2010 outcome is that it was up 151% on the previous year and above the 10 year average for the first time since 2007. It will not be too long before there is a squeeze on Grade A offices.

Rents to rise at Heathrow

An increase in rents for industrial and warehouse space for Heathrow and the Western Corridor is predicted by Jones Lang LaSalle for 2011. The agent expects key Grade A sites at Heathrow to rise to £150.64 a sq.metre (£14 a sq.ft.). JLL’s Bridget Outtrim said: “The immediate vicinity of Heathrow’s cargo terminal is an exceptional location where, to date, there has been no premium stock available to set rents but there are two key sites coming through for development which could push up pre let rents.” While food and drink are the key occupiers in the logistics market, JLL notes “recycling and waste disposal businesses have emerged in 2010 and their need for large sites and open storage land, away from residential areas, possibly with railway access, will persist.”

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Maidenhead launch

Commercial Estates Group (CEG) is re-launching the 7,669 sq.metres Prospect Park, Hurley, near Maidenhead. One of the largest offices in Maidenhead, it is set in 11 landscaped acres, and will be re-branded as Horizon with marketing by Lambert Smith Hampton (LSH) and Hanover Green. CEG acquired it from the Administrators for Kenmore. LSH’s Cliff Jackson commented: “One of the scheme’s major selling points is its larger floor plates that allows improved internal communications and team collaboration which is a universal pressure for business.” The marketing will target large occupiers in the Thames Valley and those seeking to relocate there. The agents are looking particularly at the pharmaceutical, technology, media and telecoms sectors. The offer is for part floors or the whole building.

Investors back Reading

A major boost to confidence has come with the arrival of Benson Elliot, a private equity real estate firm, and British developer Stanhope acquiring a majority stake in a massive town centre scheme in Reading. They have bought a majority holding in Sackville Properties’ 157,930 sq.metres (1.7 million sq.ft.) Station Hill scheme. Sackville, which is owned by entrepreneur Sir John Madejski, who has taken the opportunity of a deal in order to pay back debt to Lloyds Banking Group. Sackville will retain a minority stake in the £400 million scheme and a share in the profits.

Having taken on Stanhope as a development partner it was seeking increased financial backing. This deal confirms the view of Reading in a more central role within the Thames Valley for offices; Sackville acquired most of the site from Land Securities in 2005 and was aware it would need a development partner for such a sizeable project. This deal ensures sufficient finance and development muscle. Inevitably, the new owners will rephase the scheme in the light of the Thames Valley market which has been, until now, slow to emerge from the recession. That said, the new owners have shown confidence with Marc Mogull of Benson Elliot saying that Station Hill “will be the new commercial core of Reading. “ He added that “we don’t know what the world will look like in a few years’ time but this is a great piece of dirt given how little space is being delivered in the regional office market.”

The increased role of town centre offices is illustrated with the letting at One Reading Central of 2,097 sq.metres (22,590 sq.ft.) to the software company Pegasystems, where it joins Yell, the international directories business. What is impressive is that the rent agreed through Lambert Smith Hampton for a 10 year lease is £322.80 a sq.metre (£30 a sq.ft.). The development is a joint venture of Kier Property and Invista Real Estate and at 20,252 sq.metres (218,800 sq.ft.) is the largest development in Reading. Kier’s Gillian Scarth said: “Throughout all stages of its development we have acknowledged the top requirements for corporate occupiers of proximity to a mainline railway station and large floor plates being high on the list. Only two floors remain available.” The railway station is being upgraded to handle more trains and help towards faster journey times.

Thames Valley Commercial Property Lacking Confidence

By now the expectation would be for a faster pace of improvement in the Thames Valley because of its high level of occupiers in the high technology sector. But in fact the stronger UK economy has only produced a muted recovery. The missing ingredient seems to be confidence in the state of the UK economy and here it is reasonable to put the new coalition government in the frame. They have been putting out so many horrendous statements about how much spending will be cut that private companies have held off decisions until the situation is clearer. Decisions about taking new space because of outdated buildings or potential expansion of business have been delayed. That includes purchasing new telecommunications and computer equipment. That said, take up has risen and in the case of Reading, top rents held up. In Bracknell there are plenty of potential deals around.

As far as the economy in the south east is concerned a report from Markit for the South East England Development Agency (SEEDA) showed that activity had slowed in August and was even below the UK average for the first time since January. Another negative indicator is that private sector employment fell at a time when input prices are rising. Paul Lovejoy of SEEDA commented: “The latest survey shows that the bounce in business activity and demand seen earlier in the year has not been sustained during the summer. It is encouraging to see that manufacturing is holding up relatively well, what we also need is a stronger recovery in service sectors across the region.” Further evidence underlines the fragile state of the economic recovery, even if some international organisations are forecasting that the UK will have faster growth than most European countries. The CB Richard Ellis index shows that the all property total returns slowed marginally in August to 0.8% bringing the annual figure to 12.3%. CBRE’s David Wyllie said: “This month’s returns confirm the growing mood of reflection among investors.”

The Thames Valley Commercial Property Register

The Thames Valley and Heathrow Commercial Property Register is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Offices Space in Thames Valley , Serviced Offices in Thames Valley, Commercial property in the Thames Valley area. You can also find the latest commercial property news for the Thames Valley region.

Thames Valley’s Green Park Property Boosted by USA Giant

Sentiment in Reading has been lifted by the letting of 500 Brook Drive, an 11,148 sq.metres (120,000 sq.ft.) property on PRUPIM’s Green Park to Quintiles, the US pharmaceutical services group. This means that Quintiles will take over Wyeth’s pre let agreement at Green Park for a purpose built headquarters which it signed in 2007. The change came because Pfizer bought Wyeth. This deal underlines the fundamental attractions of the Thames Valley and Green Park in particular for high technology companies. The deal means that Quintiles will leave three buildings totalling 9,290 sq.metres (100,000 sq.ft.) in Bracknell (Station House, Ringside and the Columbia Centre).

The importance of the transaction is that it is half the total of office lettings achieved in the Western Corridor in the first quarter of 2010. According to Stephen Head of Hicks Baker, total lettings in the first eight months of the year in Reading were 20,063 sq.metres (215,973 sq.ft.), the second largest being only 1,208 sq.metres (13,000 sq.ft.) in Bridge Street Plaza to SAB Miller. At the moment there are 226,676 sq.metres (2.44 million sq.ft.) available. Head said: “The Quintiles deal means we are 68% ahead of 2009 and, in fact, the performance in Reading has been better than in other Thames Valley towns. Top rents have held up well and there is a suggestion that Adobe will pay £312 a sq.metre (£29 a sq.ft.) for 4,645 sq.metres (50,000 sq.ft.) in Market House.” Also under offer are two deals totalling half that amount. Head said: “This is a pivotal point in the market in the next six-eight weeks because we have flat lined since the summer. But I sense there is increasing activity.”

The Thames Valley Commercial Property Register

The Thames Valley and Heathrow Commercial Property Register is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Offices Space in Thames Valley , Serviced Offices in Thames Valleycommercial property in the Thames Valley area. You can also find the latest commercial property news for the Thames Valley region.

Putting heart back into Slough

Construction has started on the £450 million ‘Heart of Slough’regeneration programme which will replace the bus station. The development is the key to improvement in Slough and will give: 1,600 residential units; Over 33,987 sq.metres (365,840 sq.ft.) of offices; A new bus station; A hotel; Public library and road and public realm improvements. Michael Garvey of Stupples said
Slough had been more active this year and his firm had completed two lettings in
Beechwood House to Zenos, a training company, and F&C Reit. He said: “Slough has become more active and there are other deals in solicitors’ hands.” Garvey is also Stupples’ point man for High Wycombe where he said there was a shortage of good quality industrial properties which was particularly damaging
to the small business sector.











The Thames Valley Commercial Property Register

The Thames Valley and Heathrow Commercial Property Register is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Offices Space in Thames Valley , Serviced Offices in Thames Valley Commercial property in the Thames Valley area. You can also find the latest commercial property news for the Thames Valley region.

Segro Sells

The steady development of SEGRO’s IQ Farnborough is continuing with the prospective sale of a 15 acre site to TAG Aviation. As the owner of the nearby Farnborough Airport, TAG is looking to develop an office and airport facilities scheme as part of a policy of operational expansion at the airport. The SEGRO site has planning permission for a 26,570 sq.metres (286,000 sq.ft.) office complex. In nearby Aldershot, the plan for an expansion of the town by the Homes and Communities Agency (HCA), in conjunction with Defence Estates has moved
a step nearer with developers being invited to bid for the site. The plan is for a mixed use scheme of 4,500 residential units with a whole range of other
facilities, such as local centres and leisure facilities. The site has been released as part of the Strategic Defence Review. Drivers Jonas Deloitte will be the adviser for the sale. DJD’s Alex McKinlay said: “The Aldershot Urban Extension is the most significant MOD property to be sold outside London in the last decade. We expect
competition to be fierce among the leading players in the development field.”
Kevin Bourner of the HCA said: “We will ensure that the new development serves the people of Aldershot and invigorates the town centre. The winning bidder will have to achieve high standards of sustainability and design.”




The Thames Valley Commercial Property Register

The Thames Valley and Heathrow Commercial Property Register is a leading UK business property publication from Martin Austen Publishing. The aim of the publication is to offer a simple and effective means of finding Offices Space in Thames Valley , Serviced Offices in Thames Valley Commercial property in the Thames Valley area. You can also find the latest commercial property news for the Thames Valley region.