22 Jun 2017
Legal & General gets green light for new Grade A office scheme in Windsor, due to create over 400 jobs
LGIM Real Assets (L&G) has gained planning consent for a major new Grade A office scheme in Windsor Town Centre, which is set to bring over 400 permanent jobs to the local area, in addition to the 200 created during construction, and help contribute to the wider regeneration of the town centre.
Windsor Urban Development Management Panel (Royal Borough of Windsor & Maidenhead) has granted planning permission for L&G’s proposal for a new build office development on the site of the vacant Thames Court building on the corner of Sheet Street and Victoria Street. Due to start on site in late 2017, it is expected to be delivered in early 2019. Once completed the building will offer more than 43,000 sq ft of Grade A office space just a five minute walk from the town centre and Windsor Castle.
Mike Barrie, head of Fund Management at LGIM Real Assets, said: “The benefits of this new scheme will be considerable for Windsor and we are grateful for the foresight shown by local councillors in recognising the significant boost it will bring to the local economy. By replacing the current derelict building and site with a new much needed modern office facility for Windsor, the completion of this scheme is expected to create £19m of additional value for the local economy, supporting local shops and businesses.
“Since the late 1990s, Windsor has experienced a decline in office accommodation, leading some businesses to relocate to other towns in the Thames Valley, which has had an impact on the local economy. We believe that this scheme can help to reverse this trend and act as a catalyst for the wider revitalisation of Windsor town centre.”
Cllr Jack Rankin, Cabinet Member for Economic Development (and local councillor for this part of Windsor) added: “I welcome this significant investment into our town centre. I have no doubt that this new development will not only provide much-needed Grade A office space in our town, but will also help promote Windsor as a good place to do business.”
The joint letting agents for this new scheme are Savills and New Ballerino. The architect on this scheme is Rolfe Judd.
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LGIM Real Assets
LGIM Real Assets is a division of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages £902bn in assets on behalf of over 3,200 clients (as at 31 December 2016), providing products and solutions spanning all asset classes. LGIM Real Assets, headed up by Bill Hughes, has AUM of £23.2bn (as at 31 December 2016), actively investing and managing assets across commercial property, private residential, infrastructure and property lending and, most recently, corporate credit.