by Denis Hall
Colgate Palmolive have become the first tenants to sign up for the London & Edinburgh Trust/Balfour Beatty Guildford Business Park in Surrey with their decision to take 50,000 sq ft of B1 space. The building will become Colgate’s new headquarters and will be fitted out to the tenants’ own specifications. No rent is being officially disclosed, but Colgate Palmolive are understood to be paying about £17 per sq ft on a 25-year lease.
The company are now preparing to move from their 40,000-sq ft headquarters at 76 Oxford Street, W1, in September, but their manufacturing facilities will continue to be based at Salford, Greater Manchester.
Guildford Business Park has consent for Class II/III type use, granted before the advent of the B1 category in 1987.
As a result, Colgate had to apply for full B1 consent — as any future tenant of Guildford will have to do. On this occasion, Guildford council granted consent for unlimited B1 use.
Following this announcement, LET now claim to be in discussion with potential tenants for more than 50% of the 300,000-sq ft Guildford scheme. Market rumours suggest that a fully fitted 62,000-sq ft building on the park is under offer at £20 per sq ft.
Guildford Business Park — which was funded by the Crown Estate — is situated to the north of Guildford on Midleton Road over-looking the A3.
Letting agents for the scheme are Hillier Parker, King & Co and Grant & Partners. Knight Frank & Rutley acted for Colgate Palmolive. Architects for the scheme are Scott Brownrigg & Turner.
