Mark Glatman's Abstract Securities has announced that its wholly owned subsidiary, Abstract (Croydon) Limited, has completed the sale of its speculative Renaissance office development in Dingwall Road, Croydon to M&G Real Estate, three months ahead of completion.
This news comes soon after the announcement that The Board of the Pension Protection Fund has contracted to pre-let approximately 40% of the building.
Renaissance provides 100,000 sq. ft. of 'Grade A' office space comprising five floors offering flexible floorplates of 20,000 sq. ft. Work commenced in June 2012 with practical completion scheduled for November 2013. The building is one of the first speculative builds in the UK to target a BREEAM (2011) 'Excellent' standard.
With rents from £22 per sq ft, the office development provides one of the most competitive ‘Grade A’ office buildings in the South East. Abstract’s Development Director, Christopher McPherson, said: “We have strong levels of interest in the remaining space and we do not envisage it will be long before announcements are made regarding more occupier commitments. It is not a surprise that we have seen institutional interest in this product. Croydon is turning the corner as a credible business location - the transport infrastructure is second to none and significant planned investment in the Town will be transformational. The rental growth prospects for a brand new building of this quality so close to central London are very persuasive.’’
Abstract will continue to retain marketing responsibility for the remaining space in the development for the immediate future.
The building is the first of several speculative office developments that Abstract Securities intends to undertake across the UK.
Abstract are currently on site in Glasgow where it is speculatively building 170,000 sq ft of 'Grade A' office space, priced at just £23 per sq. ft. (a significant discount to local headline rents). The Glasgow scheme, St Vincent Plaza, is one of the largest speculative developments in the UK.
Mark Glatman, Chief Executive of Abstract Securities, said: “We are delighted that M&G Real Estate have acquired our development and supported our confidence in this product and location. We continue to maintain that while quality and environmental performance remain key drivers for corporate occupiers, value for money is fundamental. By exercising tight design and procurement processes – especially in the purchase of land at the lowest point in the development cycle – we have been able to bring both our Croydon and Glasgow developments to the market at exceptional rental costs”.
Knight Frank represented Abstract in the sale. Colliers International represented M & G Real Estate. Knight Frank and Sinclair Clark are retained in a letting capacity.
For media information, please contact Lisa Mennie at Skylark PR: T: 07825 225 414 / firstname.lastname@example.org
Established in April 2000 by Mark Glatman, the Abstract Group of Companies specialises in commercial property investment, development and venture capital financing. The management team at Abstract brings together combined experience of over 6 million sq ft of business space development across the UK and Europe. The team is highly experienced at working directly with major property owners and corporate end users, handling all aspects of their property requirements.
For more information visit: www.renaissancecroydon.com
About M&G Real Estate:
M&G Real Estate is the real estate fund management arm of M&G and is one of the top 25 real estate fund managers in the world by assets under management, with over £16 billion invested in a broad spread of properties across Europe, North America and the Asia Pacific region (as of 31 March 2013). M&G is the investment arm of Prudential Plc in the UK and Europe.
For more information, visit: www.mandgrealestate.com