NFU Mutual and Salmon Harvester Properties have bought Imperial House in Windsor from Europa Capital.
The joint venture partners have bought the Berkshire scheme known as Windsor One for around £15m.
The buildings were previously occupied by Intercontinental Hotels, but are now vacant.
NFU and Salmon now plan to implement a consent for a new office development comprising four buildings totalling 274,000 sq ft with an end value of £100m (pictured).
NFU Mutual head of property Richard Topps said: “Together with Salmon, we aim to create a first class development with a tenant profile for likely long-term hold for NFU Mutual. This is another exciting scheme for us and further demonstrates the strength of our joint venture with Salmon, where we have the financial resources available to secure developments in which the risks are managed by Salmon.”
Rorie Henderson, development director at Salmon, added: “We shall look forward to continuing the good work already done in preparing the development for delivery and are confident in the leasing prospects for the project. This further underscores our confidence in the M4 corridor leasing markets following our recent announcement of an imminent start to our 130,000 sq ft development at 2 Glass Wharf, Temple Quay, Bristol.”
Savills advised Europa; Jones Lang LaSalle acted for NFU Mutual and Salmon.
nick.whitten@estatesgazette.com
