LGP begins speculative development at Lotus Park, Staines
Legal & General Property (LGP) has begun 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, says: “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, says: “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.”