LGP pushes the button on spec development at lotus park.
23 August 2013
Legal & General Property (“LGP”) announces that it has commenced speculative construction of Building Three at Lotus Park, The Causeway, Staines, where Savills is the letting agent.
The circa 70,000 sq ft, three-storey, Grade A office scheme is scheduled for completion in August 2014. Adding 25,000 sq ft of office space through an extra floor and bringing about the comprehensive redevelopment of Building Three, the project includes a full height glazed atrium reception, external decking overlooking the River Thames and a landscaped garden. Targeting a BREEAM “Very Good” rating and EPC grade of B, it also incorporates a number of high quality sustainability initiatives.
Acquired by LGP’s Managed Property Fund at the end of 2009, Lotus Park is situated off The Causeway (A308), the principal office location in Staines, and within close proximity to the town centre and central railway station. Staines remains one of the key office centres in the western corridor, located within the M25, approximately 17 miles south-west of Central London.
The park comprises four office buildings and occupies a 3.8 acre site, with a generous parking ratio of 1:300 sq ft. Buildings One and Two were refurbished comprehensively to a high standard in 2007.
Mark Russell, Senior Fund Manager at Legal & General Property, said: “Lotus Park is a premier office scheme, situated in an excellent strategic location. Taking a proactive approach to asset management, we believe that this comprehensive redevelopment will not only enhance and refresh the park’s overall offer, but bring new, Grade A office space to a market which is increasingly seeing strong occupier demand.”
Tom Mellows, Director of business space at Savills, added: “Lotus Park is an established business park where current occupiers such as Salesforce and Dow Chemical highlight the strength of the scheme and the advantages of Staines, which offers easy access to Heathrow and the national motorway network. LGP plans to deliver an extremely high quality product with great parking provision which we believe will attract strong occupier interest.”
Notes to editors
Legal & General Property
Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages approximately £433bn in assets on behalf of more than 3,100 clients (30 June 2013) and provides products and solutions spanning all asset classes. LGP is the third largest institutional property fund manager in the UK, managing or co-managing 16 separate funds or vehicles and two segregated mandates with an aggregate asset value of £11bn as at 30 June 2013. These funds include:
Specialist Pooled Funds
The Leisure Fund Limited Partnership; Industrial Property Investment Fund; Arlington Business Parks Partnership; and the English Cities Fund
Single Asset Vehicles
Bracknell Regeneration Partnership; Central Saint Giles Partnership; Performance Retail Limited Partnership and Warrington Retail Limited Partnership
Life Fund; Linked Pensions; Linked Life; Managed Fund; Property Unit Trust; UK Property Income Fund; LPI Income Property Fund and the Hybrid Property Fund.
LGP’s UK-focused fund management platform has built and retained a strong track record of out-performance across the sector. Owing to its size, diversity and penetration, it benefits from best in class banking and property industry contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities. Taking a client-centric approach, the business places the highest priority upon integrity and transparency, leveraging upon the significant resources provided by the wider LGIM platform. Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability. LGP’s sector specialisms cross all facets of the real estate market. In particular, the Company has a major development platform, responsible for delivering West End landmark building, Central Saint Giles, and Agar Street, its high profile Covent Garden office scheme, amongst others, and is currently involved in bringing forward a number of significant town-centre retail and leisure regeneration projects, including Bracknell, Trowbridge, Northampton and Eastbourne.
Legal & General Property Limited. Registered address: One Coleman Street, London EC2R 5AA. Registered in England 2091897.
For more information please contact:
PR Manager, Legal & General Capital and Real Assets, LGIM (Property, infrastructure and alternative finance)
t: + 44 (0) 203 124 2777
m: + 44 (0) 7718 395 279
About Legal & General
Legal & General Property Limited.
One Coleman Street
London EC2R 5AA.
Registered in England 2091897.