Gallagher Developments got the go-ahead this week for the 600,000 sq ft (55,740 sq m) second phase of offices at its £200m Warwick Gates business park near the M40.
The development is the largest of its kind in the West Midlands.
Tony Gallagher, chairman of Gallagher Developments, said: “This consent enables us to open out the major part of this 750,000 sq ft (69,675 sq m) scheme and respond to larger requirements.”
Gallagher confirmed that the company will hold the development as a long term investment.
The second phase will comprise campus-style headquarter buildings of up to 200,000 sq ft (18,580 sq m) each. Infrastructure works have already been completed.
Gallagher hopes to attract occupiers to the 18.2ha (45-acre) park who might first look at the Thames Valley for large campus-style developments.
He said: “We can be a lot more competitive on rents up here than in the South East.”
The scheme, which is on a 220 acre (89ha) site, has already achieved headline rents for the area in its first phase, where AT&T recently paid £18 per sq ft on a 25,000 sq ft (2,322 sq m ) building. Around 1,500 new homes will also be built on an adjacent site.
Insignia Richard Ellis and FPDSavills are joint letting agents for the scheme.
EGi News 09/04/02
