100 BRISTOL BUSINESS PARK
In December 2016 Abstract acquired from DuPont, this 7.3 acre site at the entrance to Bristol Business Park. Planning consent was obtained in August 2017 for a three phase office development of approximately 200,000 sq. ft. including approximately 8,000 sq.ft. of retail/leisure uses and 600 car parking spaces.
Phase 1, which will provide approximately 86,000 sq. ft. of Grade A offices over five floors, with 240 car spaces has been pre-let to Babcock Integrated Technology Ltd with completion scheduled for May 2019. The investment has been sold to Aviva Investors’ Lime Property Fund for £30.06m.
Phase 2 will also provide 86,000 sq. ft. of Grade A offices with Phase 3 providing 17,350 sq.ft. of Grade A offices together with 8,000 sq.ft. of retail/leisure space.
THE FLORENCE BUILDING
The Florence Building is a brand new 5-storey 59,460 sq ft office development in the heart of Basingstoke, Hampshire. It represents the fourth in a series of speculative office buildings developed and equity financed by Abstract.
The building was completed in July 2018 and was let as a whole to Sovereign Housing Association in December 2018.
LGIM Real Assets (Legal + General) subsequently acquired the entire share capital of the owning entity, Abstract (Basingtoke) Limited.
With flexible internal floorplates achieving an EPC A rating and BREEAM Excellent 2014, with low operating costs through the use of highly sustainable technologies. The building is designed for occupancy of 1:8m2 with capacity to increase to 1:6m2.
The property was let on a new 20 year lease subject to minimum and maximum annual uplift, linked to RPI at rent review. This enabled a significant discount to open market rent.
Indeed, the resultant cost per workstation is the lowest for any new office building in the South East of England being under £2,500 per desk per annum.
ABERDEEN INTERNATIONAL BUSINESS PARK
Fornebuporten UK AS, a subsidiary of Norwegian investment company Aker ASA, has joined with Abstract to develop a one million sq ft Business Park on one of the most prominent sites in Aberdeen known as Aberdeen International Business Park (AIBP).
The 40 acre site occupies the premier out of town office location, strategically situated opposite the entrance to Aberdeen International Airport and with direct access onto the Airport Link Road (ALR), completed in 2016.
Accessibility will be transformed with the Aberdeen Western Peripheral Route (AWPR), which will connect to the ALR, and is anticipated to be fully operational by Q1 2019.
Fast road links to the Scottish motorway network allow access to Edinburgh and Glasgow within two and a half hours’ drive.
The site is being developed as a fully master planned Business Park and will accommodate up to one million sq ft of proposed development within a beautifully landscaped energy efficient environment.