Joint venture acquires Weybridge office development site

Rockspring and Exton Estates will develop 100,000 sq ft office scheme

Article posted: 18 Jan 2011

The purchase of an office development site is set to deliver new office space in Weybridge. Joint venture Rockspring and Exton Estates have completed on their purchase of the Arrows site from Mercedes Benz for £4.5m.

Planning permission has already been obtained for a single property comprising 130,000 sq ft of accommodation, however, Rockspring and Exton intend to submit revised plans for two properties totalling 100,000 sq ft.

The speculative scheme, which will be developed on behalf of Rockspring’s UK Value Fund, is due for completion by the end of 2012.

Commenting on the acquisition, Rockspring UK Value Fund manager, Richard Bains said: “The acquisition of development projects on behalf of our UK Value Fund reflects our strategy of taking on occupational risk where the fundamentals of supply and demand support speculative development. “Working closely with our experienced development partners, we believe we can deliver high-quality office schemes at a time and in markets where we expect to see limited comparable supply.”

For breaking news relating to office space in Surrey follow us on http://twitter.com/officespacenews

Posted by Julie