Rockspring Property Investment Managers is committing £22.5m to a 60,000 sq ft speculative office development in Staines, Surrey.
On behalf of a pension fund, Rockspring has paid Hammerson £5.2m for the land on the Causeway site. The development will be called Flow.
In a joint venture with Exton Estates, the four-floor development will cost around £17m.
Work will begin in early 2012, and the project is due for completion in spring 2013.
Neal Shegog, partner at Rockspring, said: “The acquisition of this site provides the opportunity to deliver a grade-A office scheme into an undersupplied market. We expect to see strong interest from tenants who are increasingly demanding the best-quality accommodation.”
joanna.bourke@estatesgazette.com
