Joint Development agreed to kick start London’s largest commercial office park
Standard Life Investments, the London Development Agency and
Development Securities PLC have announced the completion of an agreement to
develop the first phase of the 50-acre Royals Business Park at the Royal Albert
Dock in east London.
Standard Life Investments has agreed to fund and jointly develop the first phase of what will be London's largest commercial office park. The institution will ultimately own an investment of circa £70 million in this phase of a prime office development.
The Royals Business Park, situated directly opposite London City Airport, will comprise 1.6 million square feet of office space and 100,000 square feet of retail space. This first phase consists of 237,000 square feet of prime office accommodation. It is a speculative development looking to attract business tenants. Phase One will set the quality benchmark for the rest of the development and construction will start in the final quarter of this year.
David Paine, Development Investment Director for Standard Life Investments, said: “Standard Life Investments is delighted to be involved in the development of what will be London's premier business park. Its location provides superb transport connections to the City of London, Canary Wharf, the M25 and to Europe via City Airport."
George Barlow, Chair of the London Development Agency, welcomed the deal. He said: “This is a vote of confidence in the Royal Docks and the continuing revitalisation of east London. The Royals Business Park is key to the success of the area and helps put in place the foundations for the wider development of the Thames Gateway."
Julian Barwick, joint managing director of Development Securities said: “Forming a funding and development partnership with Standard Life Investments means construction can now commence on this key phase. Detailed planning consent was granted late last year and unsolicited occupier interest has already been received from companies attracted to cost effective accommodation in such close proximity to the City, Docklands and the M25. The excellent transport links and car parking facilities underpin the strategic nature of the Royals Business Park."
For further information contact:
Standard Life Investments
Judy Ditchburn, JDPR on 01494 882105
Or
Development Securities Plc
Sue Brown, Tamesis on 020 7908 3200
