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October 13, 2010
Speculative London Office Development Restarts
Rockspring Property Investment Managers potentially will be developing a new 80,000 square foot office scheme in Uxbridge in west London. Rockspring Hanover Property Unit Trust acquired the site, previously owned by Schroders, in Highbridge Park for roughly £5 million. The development will be comprised of Grade A office space looking over the Grand Union Canal. Schroders previously secured planning consent from the London Borrow of Hounslow and construction is expected to commence in the beginning of 2011.
This building will be the first speculative development in west London since the crash three years ago. Rockspring’s fund manager Richard Bain told Property Week that approximately 15% of Rockspring’s £670 million UK value fund has been allocated to speculative investment, meaning there will be other projects to come. With office rent on the rise and a reduction in supply in central London tenants may pursue farther locales, such as Uxbridge. Guy Parkes from Jones Lang LaSalle predicts a recovery in west London sooner than we thought and believes a shortage in supply in towns such as Uxbridge will arise by 2012.