Development Securities (DevSec) and Equitable Lifes £25m Frimley Square joint venture has been given the go-ahead by the council.
The speculative scheme comprises four offices totalling 18,580 sq m (200,000 sq ft) and will replace the Marconi buildings at a site in Frimley, Surrey, that the JV bought from British Aerospace for £20m in August.
Julian Barwick, joint managing director of DevSec, said: “Demand in the Thames Valley market has been vigorous for 12 months but at unsustainable rates so I expect it to abate. But there is no indication now that the market is to suffer a reverse.”
Meanwhile, DevSecs capital business parks initiative with Equitable Life is developing Globeside park, a 4.45ha (11-acre) development in Marlow that it bought from Hill Samuel for £14m.
Work is expected to start in March.
EGi News 17/11/00
