Standard Commercial Property Securities, the Bass property subsidiary, have finished the first 125,000-sq ft phase of their Great Eastern Enterprise development at Millwall Dock in London’s Docklands.
The scheme is in four units of two-storey campus-style hi-tech space which is being taken as offices. Triumph Adler UK, a subsidiary of Volkswagen, have taken a 35,000-sq ft unit at £275,000 pa, and the 200-year leasehold of Triumph’s unit has been sold to a private investor for about £5m. The three remaining units are 35,000 sq ft, 29,000 sq ft and 26,000 sq ft.
In June, the developers will start work on the second phase of 60,000 sq ft of offices on an adjoining site. Completion is scheduled for summer 1987 to coincide with the opening of the light railway, and rents will be £13 per sq ft. Alternatively, the building can be bought. Standard estimate the completed investment value to be around £18m.
Close by, at Wood Wharf, Standard are starting a 45,000-sq ft scheme on a site adjoining the Mercury telecommunications satellite dishes. The new development, due in December 1986, will be hi-tech, with 38% offices.
Grant & Partners are the agents for all the schemes.
