ABSTRACT STARTS ON SITE AT GATWICK

Abstract (Crawley) Ltd – a wholly-owned subsidiary of Mark Glatman’s Abstract Securities – has announced that on-site construction works have commenced for its next highly competitive speculative office development, 'The Leonardo Building’, Manor Royal, south of Gatwick Airport.

Abstract have appointed main contractor, Bowmer & Kirkland, who started construction in early October. It is estimated that the development will create approximately 150 construction jobs. The property will have an end investment value of £45m and be able to accommodate up to 1,700 staff when it completes during the last quarter of 2015.

The Leonardo Building is a ‘Grade A’ office building comprising 110,000 sq ft together with over 300 car parking spaces. The site is the last undeveloped plot at Crawley Business Quarter just South of Gatwick Airport and opposite the offices of Virgin Atlantic and Boeing. Other nearby occupiers include Doosan Power Systems, Tui Travel plc, Thales and Elekta.

The scheme will comprise a TP Bennett design of four floors offering flexible, virtually column free floor plates each of circa 28,000 sq ft.

In line with all Abstract developments, the building will target a BREEAM 'Excellent' standard and an EPC ‘B’ Rating together with a building design occupancy from 1 person per 6 sq m which will maximise the operational efficiency of the accommodation.

Mark Glatman, Chief Executive of Abstract Securities, said: “The proposals for a second runway at Gatwick Airport are gathering momentum, and three quarters of a million sq ft of office space sits on land that will be blighted by current plans whether or not a decision is made swiftly.

“The Leonardo Building sits outside the proposed land take for the airport and offers occupiers absolute certainty in terms of their business needs and an opportunity to secure great quality new offices in a location which is unaffected. Our building is competitively better now and offers a total solution irrespective of the future plans for a second runway at Gatwick Airport.”

Abstract’s Development Director, Christopher McPherson, said “It’s excellent news that we have started on site so quickly after having achieved planning consent. With rents from just £23 per sq ft the Leonardo Building offers occupier friendly, highly cost effective and environmentally efficient space at rental levels below that being achieved for second hand space in the locality, without any compromise on Grade A quality. The accommodation has been designed to be very flexible and will appeal to a wide range of potential end users.’’

The building is one of several speculative office developments that Abstract Securities has recently undertaken across the UK.

Having completed the 100,000 sq ft ‘Renaissance’ development in Croydon in November 2013, which was fully let within 10 months, Abstract is currently on site in Glasgow where it is in the final stages of speculatively building the 170,000 sq ft ‘St Vincent Plaza’ office development, which will complete in Spring 2015.

In conjunction with Aker ASA, Abstract is also currently developing 1 million sq ft of offices at Aberdeen International Business Park, where the first phase of 335,000 sq ft is due to complete in February 2015 and where the biggest office letting ever in Scotland has just been announced.

Agents for The Leonardo Building are Knight Frank, Savills and Stiles Harold Williams. For more information visit www.theleonardobuilding.com

CGI shows: The Leonardo Building, Crawley

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For media information, please contact
Pauline Gregory on 07833 490964 / pauline@skylarkpublicrelations.com
Lisa Mennie 07825 225 414 / lisa@skylarkpublicrelations.com

ABSTRACT WINS COSTAR AWARD

RENAISSANCE CROYDON – 100,000 SQ FT OFFICES FULLY LET

Legal and professional services organisation Parabis has leased the remaining office space in the Renaissance office development in Croydon comprising the ground and third floors and totalling 37,125 sq ft.

The news follows the announcement in May that Mott MacDonald, have taken 20,997 sq ft, comprising the entire fourth floor.

Parabis and Mott Macdonald join The Board of the Pension Protection Fund who took 40,241 sq ft in the building in May 2013.

Renaissance, the first speculative office in Croydon for around 20 years, was completed in November 2013 by Mark Glatman’s Abstract Securities who sold the office development in Dingwall Road, three months ahead of completion, but retained a marketing role working closely with the new owners, M&G Real Estate.

Abstract’s Development Director, Christopher McPherson, commented: “Renaissance has been a success story for Croydon and for Abstract. We not only identified an opportunity at a time where others doubted the potential, but we moved swiftly to invest and to deliver a great product which is completely in tune with occupier sentiment as evidenced by fully letting 100,000 sq ft of offices within 10 months of completion.’’

Mark Glatman said: ‘’The success of our Croydon scheme vindicates our ‘uncompromising value’ approach to development and, with the same rationale being adopted at our St Vincent Plaza scheme in Glasgow and Leonardo scheme near Gatwick, we remain optimistic. These schemes offer the most cost effective new build Grade A office space in the UK bar none and, together with good environmental credentials, low running costs and efficient densities of occupation, will be significantly more economical to occupy than most older offices – tenants can actually save money by moving into a brand new Abstract building’’.

Renaissance provides 100,000 sq. ft. of 'Grade A' office accommodation comprising five floors offering flexible floor plates of 20,000 sq. ft. The building is one of the first speculative builds in the UK to achieve a BREEAM (2011) 'Excellent' standard and recently won a national award for Sustainable Achievement.

Knight Frank and Sinclair Clark are retained in a letting capacity.

For more information, please contact:

Mark Glatman
T: 0207 747 8272
E: mark.glatman@abstractsecurities.com

Christopher McPherson
T: 020 7747 8282
E: christopher.mcpherson@abstractsecurtiies.com

AKER SOLUTIONS TO LEASE 335,000 SQ FT AT ABERDEEN INTERNATIONAL BUSINESS PARK

Abstract has confirmed that it has concluded an agreement for lease with Aker Solutions ASA to take the whole of the First Phase of the Aberdeen International Business Park comprising 3 interlinked buildings totalling 335,000 sq ft. It is believed that this is the largest office leasing deal ever in Scotland.

Abstract via a special purpose vehicle, Abstract (Cornwall) Ltd is developing the Aberdeen International Business Park on behalf of Aker ASA (the listed Norwegian Investment Company). The Business Park comprises a 40 acre site opposite the entrance to Aberdeen International Airport. When completed the Business Park will comprise of approximately 1,000,000 sq ft of offices and is likely to include at least one hotel.

The first phase of the development comprising 3 interlinked buildings with supporting infrastructure and parking for approximately 1,200 cars will be occupied by global oil services company, Aker Solutions, from completion in February 2015. The buildings are designed to accommodate around 2,400 employees and besides a variety of catering options, the first phase also includes a gym, a sports hall, 2 squash courts, a medical facility, a nursery/crèche and a shop. The buildings are designed to achieve BREAAM Excellent 2011 - EPC ‘B’ and will offer the highest specification of any offices in the Aberdeen market.

Aker Solutions will be taking 20 year RPI leases on each of the 3 buildings with a combined rent role of approximately £7.74 million per annum. There will be an option to extend the leases for 3 further 5 year terms. The headline rent equates to £23.75 per sq ft.

Now that this letting is concluded, Abstract will be looking to bring forward the next phases of the Business Park at an early stage. Plans are currently under development for the next office building as well as the hotel.

Welcoming Aker Solutions Mark Glatman of Abstract commented “the position of the Aberdeen International Business Park adjacent to Aberdeen International Airport, the quality of the development and the developing local road infrastructure makes this Business Park an obvious and logical location for major international companies active in the Aberdeen Market. The facilities available to Aker Solutions staff within their buildings will be on a level with the very best of any office anywhere in the UK”.

For further information contact:
Mark Glatman, Abstract Group of Companies

T: 0207 747 8272
www.aibp.co.uk 

ABSTRACT GETS GO AHEAD AT GATWICK

Mark Glatman’s Abstract (Crawley) Limited has obtained detailed planning consent for its next highly competitive office development known as ‘The Leonardo Building’.

Abstract will commence the speculative construction of its latest Grade A office building comprising 110,000 sq ft together with over 300 plus car parking spaces in September 2014.

This news follows only eight weeks after completion of the purchase of 3.2 acres at Crawley Business Quarter in the heart of Manor Royal on June 11th. The site is the last undeveloped plot at Crawley Business Quarter just South of Gatwick Airport and opposite the offices of Virgin Atlantic and other business occupiers including Boeing, Elekta, and Doosan.

The scheme will comprise a TP Bennett design of four floors offering flexible, virtually column free, floor plates each of circa 28,000 sq ft. Completion is set for Q4 2015.

In line with all Abstract developments, the building will target a BREEAM 'Excellent' standard and an EPC B Rating together with a building design occupancy from 1 person per 6 sq m which will maximise the operational efficiency of the accommodation.

Mark Glatman, Chief Executive of Abstract Securities, said: “We are delighted to have achieved detailed planning consent so swiftly and this is very much in line with our philosophy of turning opportunity into reality as quickly as possible and providing ‘uncompromising value’ by delivering great quality Grade A office space at competitive rental levels into a market starved of supply. The Leonardo Building comes at a good time for the Gatwick office market, and, being located outside the boundary of the possible second runway, gives tenants absolute certainty about occupation whatever decisions are made about the potential extension of Gatwick.’’

Abstract’s Development Director, Christopher McPherson, said ‘’we have already had significant occupier interest in our proposal which is hardly surprising when we are delivering brand new, highly cost effective and environmentally efficient space at rental levels below that being achieved for second hand space in the locality. The accommodation has been designed to be very flexible and will appeal to a wide range of potential end users.’’

The building is one of several speculative office developments that Abstract Securities has recently undertaken across the UK.

Having completed the 100,000 sq ft ‘Renaissance’ development in Croydon in November 2013, Abstract is currently on site in Glasgow where it is speculatively building the 170,000 sq ft ‘St Vincent Plaza’ office development, due for completion in Spring 2015.

In conjunction with Aker ASA, Abstract is also currently developing 1 million sq ft offices at Aberdeen International Business Park, where the first phase of 335,000 sq ft is due to complete in February 2015.

Joint agents for Abstract are Knight Frank, Savills and Stiles Harold Williams.

For media information, please contact Lisa Mennie at Skylark PR on 07825 225 414 /

lisa@skylarkpublicrelations.com
www.theleonardobuilding.com