24 property
Science park to create landmark office space
JLL and Realest secure large office deal with PwC
Advised by property consultancies JLL and Realest, commercial law firm Bond Dickinson has let the third floor of its offices at Oceana House, Southampton, to PwC on a short- term basis while the international accountancy firm’s existing building at Ocean Village is comprehensively refurbished.
The deal totals just under 10,000 sq ft, making it one of the largest office deals in the city this year.
The University of Southampton Science Park has embarked on a new construction project to create landmark office premises in Chilworth, generating much-needed Grade A accommodation for the region.
Plans for the new office facility located on the prestigious Benham Campus have been developed as a response to the unprecedented growth that the Science Park has experienced in recent years. The Park is currently full and has a waiting list of potential tenants looking to relocate their business operations to the site.
The construction project will bring the number of buildings on site to 17 and will allow the Park to expand its successful innovation and enterprise activity, welcome new companies, and enable it to cater for existing tenants who are experiencing rapid growth.
Andy Gibbs, associate at Vail Williams, confirms that Benham 5 (illustrated above) will comprise 30,600 sq ft of office accommodation over three floors along with meeting and conference rooms and a second onsite coffee shop.
He said: ”We are very pleased to act as the sole letting agents for the Southampton Science Park and are confident that there will be significant interest in Benham 5, especially as it will be the first new Grade A office building to be constructed in the region for over seven years.
”The completion of the property will ensure the continued growth of the park and we are confident that our innovative marketing approach will mean a range of new tenants will be attracted as well as accommodating some of the existing first-class occupiers”.
TKL Architects, winner of a design award for its Yellow Dot Nursery at the Science Park, together with Currie and Brown, Rushby Brewster and Peach Maclean, the team behind many Science Park buildings, will be working on the project.
Peter Birkett, CEO of Southampton Science Park, added: ”We are thrilled to have the opportunity to expand our accommodation, which will not only help us to meet the needs of current tenants, but also give us the means to attract new businesses.
”It is vital that we support the innovative entrepreneurial businesses which are driving economic development here on the South Coast. We do so not just by providing inspiring surroundings, but also by encouraging the development of a mutually-supportive community spirit which has proved a major factor in the growth of tenant companies.”
One such company, mobile technology solutions business Nine23, has already progressed through three increasingly large offices in the two years that it has been at Southampton Science Park.
VadaTech Centre set for December opening
The UK-based team from global embedded computer specialists VadaTech has celebrated the first stage completion of its new European centre that is under construction at the Houndsdown Business Park in Totton, Southampton. With the two-storey steel frame completed by Fareham- based Amiri Construction, the opening is now on target for December.
VadaTech’s managing director in Europe, Ian Shearer, says the £2 million centre, designed by
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Southampton architects Boyle & Summers, will enable the recruitment of specialist personnel over the next few years. This will be needed to meet the demand for innovative embedded computing solutions required by clients, with major projects including communication, radar and sonar systems.
”Our new European Centre will be a showcase for our skilled team and will incorporate state-of- the-art engineering facilities,” said Shearer.
Bond Dickinson, which recently announced a 7% increase in turnover to £106.4 million for the 2014-15 financial year, has 153 people based in its Southampton office; this includes 24 new hires in the past 12 months.
Jon Hales, Southampton office head at Bond Dickinson, said: ”Our Southampton office is going from strength to strength with our lawyers advising on numerous high-profile transactions during the past year, including the £450m regeneration scheme of Southampton’s Royal Pier waterfront on behalf of both Associated British Ports and The Crown Estate and advising on two key energy projects for longstanding client Renewable Energy Generation (REG).”
Steve Williams, director of Realest, commented: ”While we have seen a good improvement in enquiry levels for city centre offices, securing tenants has been challenging with a number of parties opting to move out of the city centre to the region’s business parks.
”Although the letting to PwC is only for the short term, it allows the company to commit to Southampton on a long- term basis which is very encouraging for the market and the city alike.”
Nella Pang, associate director at JLL, commented: ”The last two office development sites in Southampton are rumoured to be applying for alternative use, which leaves no new office space in the city centre in the foreseeable future. Therefore competition for refurbished quality accommodation is high due to the lack of suitable alternative options.
”We are advising our clients who are seeking to relocate to commence their negotiations early to avoid disappointment.”
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – SEPTEMBER 2015
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