Member Article

Work begins on major office developed in Redhill

Real estate investment trust McKay Securities PLC has commenced its major office development scheme on London Road in Redhill, Surrey.

The new building, which will be called Prospero, will comprise of 48,050 sq ft, (4,463 sq. m) of high quality office space laid out over a ground floor and three upper floors, with 87 car parking spaces at ground and basement level.

It is the only new office scheme under construction in Redhill, and will offer occupiers, large modern floor plates in a town centre location, close to the railway station.

The environmentally friendly design of the scheme is targeting BREEAM Excellent and an EPC rating of B, contributing to lower occupational costs.

McKay acquired the site off-market in 2013, and in conjunction with Lamron Estates Ltd, appointed a professional development team to work on the scheme last year.

The building contractor has now started ground works and piling, and the project is scheduled for completion in the summer of 2016.

The scheme was identified by McKay for early implementation when it completed its £86.7 million fund raising in February 2014.

Simon Perkins, managing director of McKay said: “We are delighted to have started this scheme.

“This is good news for Redhill and the southern M25 office market as this will provide occupiers with a new build choice, and the associated quality and cost savings of a well specified, environmentally friendly product.

“It will offer the best specification in the area. It is one of the very few speculative office schemes to be commenced in the southern M25 market for a number of years and the first in Redhill for over 5 years.

“McKay has a proven track record of delivering high quality office developments and forging relationships with our tenants. We are confident that we will attract strong interest in the project as it nears completion.”

This was posted in Bdaily's Members' News section by Ellen Forster .