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Abstract has acquired from DuPont, Site 100 at the Bristol Business Park and is now investigating the potential for the phased development of the site which is capable of accommodating around 160,000 sq. ft. of new offices. The freehold site is 7.3 acres in total with 6.2 acres of developable land.  It is currently owned and occupied by DuPont and there is an 81,000 sq ft building on the site which comprises a mixture of offices, laboratories and warehousing.

Lambert Smith Hampton represented Abstract and JLL represented DuPont.

ABSTRACT TO BUILD A NEW 60,000 SQ FT OFFICE DEVELOPMENT IN BASINGSTOKE

Mark Glatman's Abstract Securities has announced that its associate company, Abstract (Basingstoke) Limited, has exchanged contracts on the purchase of a site in Basing View. This landmark development will be one of the key elements in the regeneration of Basingstoke’s central business district and is the first large speculative office development for 15 years in the Town Centre. 

Abstract is to build its next “uncompromising value”, speculative office development providing 60,000 sq. ft. at Basing View, the central office core for the Town and just five minutes’ walk from Basingstoke Railway Station. The ‘Grade A’ building will be the most cost efficient new build office speculatively under construction anywhere in the South East and will be known as ‘The Florence Building’. It will include 203 car parking spaces and the building is designed to accommodate around 700 desks. 

Detailed work is well advanced by architects, TP Bennett, on the design of the building comprising ground and four upper floors and offering flexible, virtually column free floor plates predominately from 12,000 sq. ft.  With a full planning application due to be submitted within the next couple of weeks, Bowmer & Kirkland are appointed as contractors. The council has started site enabling works and work on the new building will follow on from the end of November when the Council’s works are scheduled to complete. Completion is targeted for late 2017. 

In line with all Abstract developments, the building will target a BREEAM 'Excellent' environmental standard and an EPC Rating of A together with a base building design occupancy capable of accommodating from 1 person per 8 m² and an ability to increase this to 1 person per 6 m² which will maximise the operational efficiency of the accommodation.

Mark Glatman, Chief Executive of Abstract Securities, said: “We are delighted to have commenced this latest speculative office development in Basing View, working with the team at Basingstoke and Deane Borough Council. We have great confidence in this product and Basingstoke as a business location.  We continue to maintain that while quality and environmental performance remain key drivers for occupiers, value for money is fundamental. By continuing to exercise tight design and procurement processes we can deliver a fantastic product at exceptional value offering a cost per work station (based on a 1 person per 8 m²) from only £3,200 per annum compared with competing areas at figures potentially as high as £4,700. This follows hot on the heels of our developments in Gatwick, Croydon and Glasgow where a similar methodology has been well received by the occupier market’’.

Basingstoke and Deane Borough Council’s Cabinet Member for Property and Development Councillor, John Izett said, “Basingstoke is renewing itself and growing fast. Abstract Securities’ recognition of the opportunities here and decision to invest is evidence of the Borough’s new success. We are delighted that a development partner with such a great track record and market reputation is building and investing in our Borough”.

The site is centrally located in Basing View and only five minutes’ walk from Basingstoke Railway Station, (just 45 minutes to London’s Waterloo Station), the Festival Place Shopping Centre and a new Waitrose /John Lewis store.  It also benefits from excellent road communications being three minutes’ drive from the M3 motorway. 

Savills and RARE have been jointly appointed to market The Florence Building on behalf of Abstract Securities. Pinsent Mason are acting for Abstract on the project.

CGI attached shows Abstract’s ‘Florence Building’ in Basing View, Basingstoke’s Town Centre.

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

£40M MERGER DEAL CREATES UK’S CLEAR LEADER IN ONLINE PHARMACY

A merger deal backed by £10m of investment from BGF (Business Growth Fund) today created a clear, digital-only leader in the UK online pharmacy sector.

The merger between leading online pharmacy companies Pharmacy2U and ChemistDirect.co.uk creates a business with a 1.5 million customer base and unrivalled experience in digital pharmacy services.   

It follows the opening of Pharmacy2U’s brand new £3.5m dispensing hub in Leeds - the first of its kind in the UK – earlier in 2016.  The facility is capable of dispensing one million prescription items a month.  

The new business will have a broad consumer offer, including:

• A fully managed online home delivery prescription service for NHS patients, including clinical advice from pharmacists.  This is a growing area of opportunity under the England-wide electronic prescription service.
• Online doctor consultation services for a wide range of common conditions in areas including womens’ health and mens’ health, travel health precautions and skin conditions.
• A range of over 6,000 health and wellbeing retail products

BGF has provided a £10m investment to support the merger and the new company’s ambitious long term growth plans. The total value of the deal is in excess of £40m.

The Chief Executive of the new combined business will be ChemistDirect.co.uk Chief Executive Mark Livingstone, who has a strong track record in innovative internet-based businesses including LoveFilm and Graze.com.

Founder and Superintendent Pharmacist of Pharmacy2U Daniel Lee, who pioneered internet pharmacy in 1999, will take the role of Chief Operating Officer. 

Mark Livingstone said: “This is a landmark moment for internet pharmacy in the UK.   We are creating the leading ‘pure play’ business in the sector - with unrivalled experience, facilities and scale.

“It is the beginning of a new era of convenience and choice for millions more patients, as we open up the full potential of internet pharmacy for the first time.

“BGF has confidence in our plans, and their long-term, minority partner approach was the right fit for the business.” 

Daniel Lee added: “Online pharmacy has now come of age, with 80 per cent of GP surgeries now using the NHS Electronic Prescription Service and patients keen to shop online for health and wellbeing products. 

“Increasing numbers of patients are also seeking the support of online doctor services. This merger means that we are in an unrivalled position to respond to the growing demand for these innovative services.”

BGF is providing £10m of investment to enable the management team at the new combined business to deliver online pharmacy and GP consultation services to millions more patients. 

BGF has up to £2.5bn to invest in small and mid-sized companies across Britain. Since 2011, it has backed more than 125 businesses with over £850m of long-term capital. 

Richard Taylor, BGF said: “This is BGF’s second significant investment since the Referendum vote, demonstrating that there are business owners and management teams that are forging ahead with their plans. That is a positive sign. 

“No one knows the outcome of the next few weeks, but now is not the time for business to start putting the brakes on. Now is the time to keep investing, keep partnering and keep innovating – and that is something we are wholeheartedly committed to doing.”

The investment was led by BGF’s Richard Taylor, Chris Boyes and Rob Johnson. Richard Taylor will join the board of the combined business.

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OAS DEVELOPMENT AWARDS - AND THE WINNERS ARE...

By Paul Norman

The winners of this year’s prestigious Office Agents Society (OAS) Development Awards have been announced this afternoon at packed event at The Pavilion at the Tower of London with well known UK office developer Mark Glatman of Abstract picking up this year’s Outstanding Individual Achievement award.

CoStar News Editor Paul Norman joined well-known political broadcaster and journalist Steve Richards at an event attended by more than 300 people today to hand out the awards.

The OAS Development Awards recognises excellence in office development and transactions across the wider UK and City of London & West End markets and focuses on major schemes or deals completed between January 2015 and December 2015.

The categories were: Deal of the Year, Development of the Year, Fund/Developer of the Year, Outstanding Individual Contribution of the Year.

The event raised money for disabled children’s charity KIDS.

The winners were as follows:

Best Development Outside London, sponsored by Cushman & Wakefield: No 1 Forbury Place in Reading, M&G Real Estate and Bell Hammer (pictured above); leasing agent CBRE and Campbell Gordon.

Best deal outside London, sponsored by U&I: 2 Arena Central, Birmingham – letting to HSBC by Arena Central Developments and Pro Vinci. Disposing agent was CBRE and acquiring agent was Bilfinger GVA.

West End Development of the Year, sponsored by the West End Office Agents Society – Blackstone, Adelpi

West End Deal of the Year, sponsored by LAH Property Marketing - One Strand – EQT and 1 Strand (pictured), agents were Savills, Colliers, JLL and Bluebook

City Development of the Year, sponsored by City Agents Club – Resolution, Alphabeta

City Deal of the Year, sponsored by CoStar - Brookfield – 100 Bishopsgate letting to Royal Bank of Canada. Agents were Knight Frank, GM Real Estate and JLL

Fund/ Developer of the Year, sponsored by the Office Agents Society – Landid/Brockton Capital

The Outstanding Individual Achievement – Mark Glatman, chief executive officer, Abstract Securities.

pnorman@costar.co.uk

SOAPWORKS SECURES RECYCLED/REFURBISHED WORKPLACE AWARD AT BCO AWARDS

Commercial development, Soapworks, has won the title of best Recycled/Refurbished Workplace at the British Council for Offices (BCO) North West, Northern Ireland and Wales Awards.

The iconic development was recognised for its innovative design and remarkable commitment to ensuring that the historic elements of the original building remained throughout the regeneration of the former Colgate Palmolive Factory. 

Soapworks was commended as a highly desirable workplace destination when the development was awarded Regional Deal of the Year at last year’s MIPIM UK awards, in recognition of its landmark agreement with broadband provider TalkTalk. The national telecommunications business took 106,000 sq ft on a 15-year lease, making it the largest letting of speculative office space in Greater Manchester in 2015. 

The letting was secured by global alternative asset manger The Carlyle Group and its joint venture partners Nikal and Abstract Securities. Soapworks is now 90 percent let, after securing other significant lettings with The Home Office and global engineering firm MWH Global Ltd.

Ben DuBoulay, director at The Carlyle Group, said of the win: “Soapworks’ award winning design is testament to the unique vision of shedkm. The team’s understanding of how to utilise the building’s original features to create a magnetic place to work is worth celebrating, and we are thrilled to have won Recycled/Refurbished Workplace at the BCO Awards. 

“The success of Soapworks is owed to our team’s hard work, and demonstrates how being creative and ambitious with new regeneration projects can create new and innovative working environments in the North West.”