Slough Estates has secured its largest UK prelet, to defence and electronics specialist Thales UK.
The industrial developer will build 505,000 sq ft of office and light industrial space on a 22-acre site in Manor Royal, Crawley, West Sussex, with an end value in excess of £100m.
The Nicholas Hare-designed scheme will comprise three office buildings totalling 275,000 sq ft and a research and development building of 180,500 sq ft.
Thales UK will move 2,500 staff from six of its business sites in the South East to Manor Royal, consolidating its position as one of the largest employers in the Crawley area.
Construction is scheduled to begin early next year, with completion expected in 2008.
Both parties are in detailed discussions with Crawley council and will submit a planning application imminently.
Five acres of the site that will not be used by Thales UK will be commercially developed by Slough after completion of the Thales scheme.
The developer assembled Manor Royal through a 14-acre sale-and-leaseback deal with Thales and a straight purchase of eight acres from Asahi Diamond, both in December 2004.
Thales took a lease on 315,000 sq ft of existing buildings, with a profit share arrangement in the event of redevelopment. Slough paid around £1m per acre in both deals.
References: EGi News 05/09/05
