Hazels Development Company has won planning approval for a second speculatively developed office block at the Kings Business Park in Merseyside.
The wholly owned subsidiary of housebuilder Westbury has received approval for a 37,945 sq ft (3,525 sq m) office building on plot 7.
Work is expected to commence on site towards the end of the year.
The company hopes to secure £12.25 per sq ft (£132 sq m) for the £4m building and said that the stifled Merseyside office market had cause a great deal of interest.
The first speculative building at the park, Cirrus House, was sold to Henderson Global Investors in October for £3.4m, a net initial yield of 9.35%.
Although the park qualifies for European funding, Hazels is still waiting for a decision on the formal grant application it submitted for the scheme.
EGi News 12/06/02
