Cube Real Estate and Benson Elliot Capital Partners have launched Building 2 at Guildford Business Park, an 82,000 sq ft speculative office redevelopment.
The partners bought the park from Legal & General in Q3 2015 and have subsequently undertaken a £13.5 million investment programme at the park to reposition the asset.
The partners said: “At Building 2, a comprehensive back-to-frame redevelopment and extension has been completed to create an 82,000 sq ft top quality office building with a M&E density of 1:8 sq m. The building has been remodelled to maximise natural light with the addition of an atrium. Building 2 has over 8,000 sq ft of terrace space which gives employees an outdoor area which they can spill out into from the flexible floorplates. The building has exceptional floor to ceiling heights which range from 3.2m to 2.8m.”
Cube and Benson Elliot have also secured detailed planning for Building 5, which will deliver 55,000 sq ft, and have outline consent for 140,000 sq ft at Building 4, for which they are currently assessing the possibility of delivering two self-contained buildings, comprising an office and a hotel, on the plot.
Jonny Lawes, director at Cube Real Estate, said: “Since Benson Elliot purchased Guildford Business Park in September 2015 we have comprehensively repositioned the park. This started with the completion of the letting to Philips in Building 3 followed by the refurbishment of the remaining space in that building and subsequent letting to Enstar. We have introduced GBP Spirit – our on-site occupier and employee engagement service which provides activities on and off the park from weekly sporting and fitness activities to summer BBQ’s. We have also secured a detailed consent for Building 5 which can provide up to 55,000 sq ft of offices and are working up plans for a 175-bed hotel and office scheme on the Building 4 site.”
James Finnis head of south east office agency at JLL, said: “Building 2 at Guildford Business Park has all the ingredients which occupiers are looking for – access to talent (with University of Surrey adjacent to the park), a great car parking ratio (complemented by a shuttle bus linking to Guildford mainline rail station), on-site amenities and green spaces. Health and wellbeing is a key piece of our offer at Guildford Business Park and the provision of substantial terrace facilities at Building 2 on both the first and third floor, totalling over 8,500 sq ft provide flexible outdoor space. Internally we have delivered a highly efficient building with an occupational density of 1:8 sq m whilst giving occupiers natural light with floor to ceiling heights up to 3.2m.”
JLL and Montagu Evans are joint agents for Guildford Business Park.