News

Rockspring buys projects in City and Weybridge

News

Bridget O’Connell

14 January 2011

Investment/finance

London, South East, Surrey

Rockspring has confirmed the purchase of two development projects.

The fund manager’s UK Value Fund has bought Centurion House, a 1980’s office building located in the City of London from CBRE Investors for £22.05m.

Multilet to seven tenants, vacant possession of the 61,000 sq ft building is expected to be secured in July 2011.

Rockspring will work with its development partner, Charterfield Asset Management, to submit a planning application to reconfigure and refurbish the building. It aims to have the project completed in early 2013.

It has also exchanged contracts to acquire a site in Weybridge for £4.25m from Mercedes Benz. The site has planning consent for a single 130,000 sq ft office.

Rockspring, together with its development partner Exton Estates, will submit a revised planning application for two office buildings better suited to the occupational demand within the region.

Once planning has been received, the scheme will be speculatively built for delivery at the end of 2012.

Rockspring acquired its first development project for its UK Value Fund, 65 Southwark Street, SE1, in February last year. Construction is expected to start on site later this month for delivery in the second quarter of 2012.

Fund manager Richard Bains said: “The acquisition of two further development projects on behalf of our UK Value Fund reflects our strategy of taking on occupational risk in locations where the fundamentals of supply and demand support speculative development. Working closely with our experienced development partners, Charterfield and Exton Estates, we believe we can deliver two high-quality office schemes at a time and in markets where we expect to see limited comparable supply.”

Hanlon Bennett acted for Rockspring on Centurion House; King Sturge advised the CBREI; Strutt and Parker and DWD2 represented Rockspring on the Weybridge purchase; Colliers CRE acted for Mercedes Benz.

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Rockspring has confirmed the purchase of two development projects. The fund manager’s UK Value Fund has bought Centurion House, a 1980’s office building located in the City of London from CBRE Investors for £22.05m. Multilet to seven tenants, vacant possession of the 61,000 sq ft building is expected to be secured in July 2011. Rockspring will work with its development partner, Charterfield Asset Management, to submit a planning application to reconfigure and refurbish the building. It aims to have the project completed in early 2013. It has also exchanged contracts to acquire a site in Weybridge for £4.25m from Mercedes Benz. The site has planning consent for a single 130,000 sq ft office. Rockspring, together with its development partner Exton Estates, will submit a revised planning application for two office buildings better suited to the occupational demand within the region. Once planning has been received, the scheme will be speculatively built for delivery at the end of 2012. Rockspring acquired its first development project for its UK Value Fund, 65 Southwark Street, SE1, in February last year. Construction is expected to start on site later this month for delivery in the second quarter of 2012. Fund manager Richard Bains said: “The acquisition of two further development projects on behalf of our UK Value Fund reflects our strategy of taking on occupational risk in locations where the fundamentals of supply and demand support speculative development. Working closely with our experienced development partners, Charterfield and Exton Estates, we believe we can deliver two high-quality office schemes at a time and in markets where we expect to see limited comparable supply.” Hanlon Bennett acted for Rockspring on Centurion House; King Sturge advised the CBREI; Strutt and Parker and DWD2 represented Rockspring on the Weybridge purchase; Colliers CRE acted for Mercedes Benz. To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.