Lamron Estates and SJR Properties have secured £40m funding for a speculative office development in Woking, Surrey.
The deal was arranged with Royal London Asset Management to fund the 82,750 sq ft office scheme.
The seven-storey development, which is on the site of the former Kings Court and Thomson House on Chertsey Road will include 77 car parking spaces.
Rents are forecast to hit more than £30 per sq ft.
BNP Paribas Real Estate has forecast rental growth in Woking to be among the highest in the South East office market in the coming years. The town is seeing occupational demand and take-up, while availability has fallen to its lowest level since 2008, with grade-A offices in particularly short supply.
Lamron Estates is also developing a 48,500 sq ft office scheme with McKay Securities on London Road in Redhill, Surrey. The development, known as Prospero, is due for completion in July.
Malcolm McPhail, managing director of Lamron Estates, said: “We are delighted to be working with Royal London to deliver this outstanding office scheme to the market early in 2018. This will be one of the few large new-build schemes to be constructed not only in Woking but the whole of the south-west quadrant of the M25 in recent years, supplying much needed Grade A space in the area.”
BNP PRE arranged the funding on behalf of Lamron Estates and SJR Properties; Griffiths Eccles acted for Royal London Asset Management.
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