Full steam ahead at Croxley Park

By Paul Norman - Thursday, December 07, 2017 15:00

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Croxley Park has signed a first 20,000 sq ft deal with research-based pharmaceutical company Glenmark with a further 20,000 sq ft under offer at what is the largest speculatively developed office in Watford in 15 years.

The park's owners completed the 65,000 sq ft Building 2 office this month with a formal launch to the property community held yesterday with guest speaker Welsh and British Lions coach Warren Gatland interviewed by Sky Sports presenter Alex Payne.

The building, where Glenmark has acquired the ground floor, is the largest speculative office development in Watford for 15 years. The park's owner has outline consent for a further 350,000 sq ft of offices at the park which could receive a major boost if the long proposed extension of the Metropolitan Underground Line goes ahead with an expected new station on the line located directly next to the entrance way to the park.

Planning has been granted for an additional 85,000 sq ft next door and combined will offer approximately 150,000 sq ft of offices at a park located between west Watford and Croxley Green and home to major companies such as Smith & Nephew, Howdens and Kodak.

In March 2016 Smith & Nephew, the global medical technology business, took 58,000 sq ft of offices at one of the existing buildings in what was the largest letting in Watford for over a decade.

Earlier this year planning permission was also granted for an‘Amenity Hub’ called The Hive which comprises two builidings totalling 28,782 sq ft and offering customer service and a waterside restaurant and café, flexible floor space for meetings, conferences, gallery and events, a gym, concierge, and waterside terraces. Work is due to complete by Q3 2018.

The park's owner is understood to have speculatively developed Building 2 in response to increased demand from major occupiers seeking new headquarter office space within the M25. The building reached practical completion at the end of November with Glenmark already secured on the ground floor.

An unnamed tenant is understood to be finalising talks to take a further 20,000 sq ft across the top floor. Rents are understood to be at around £31.50 per sq ft, similar to headline rents for prime space on Watford town centre's main office location Clarendon Road.

Rob Madden, Managing Director, South East at CBRE, said: “Croxley Park’s owners are delighted to have secured Glenmark in this new state-of-the-art office building. Letting the ground floor on practical completion highlights the demand for high quality, well-located office space within the M25. We are seeing high levels of interest for the remainder of the space at the new building.

“Croxley Park’s owners are building for the future, creating an excellent environment to work ensuring it can compete as a premier business park, not only in the South East but also nationally. The Park will continue to attract businesses seeking to house HQ functions as well as entrepreneurial start-ups. The Park’s exceptional tenant list demonstrates these ambitions are being delivered and the new office space and amenity hub will enable this to continue."

Oliver Bourne, Head of Legal and Company Director of Glenmark said: “As Glenmark’s European business continues its sharp growth trajectory we are delighted that the Park’s owners have managed to accommodate our evolving premises requirements. Our confirmed move enables Glenmark to remain at Croxley Park for the foreseeable future and we very much look forward to relocating in the first quarter of 2018.”

The number of new businesses attracted to the Park has expanded considerably since the Park, one of few under single ownership, was bought over three years ago. Among the major occupiers to move in is FTSE 100 listed medical technology firm Smith & Nephew, which in March 2016 took over 58,000 sq ft of space, relocating from Hull. Others businesses secured include Kodak, the technology company focused on imaging products, which moved 150 staff from Hemel Hempstead into 19,906 sq ft.

Set in 75-acres of landscaped green space, Croxley Park offers 700,000 sq ft office and business space in thirteen buildings set within landscaped grounds. Two miles away, trains from Watford town centre run to London Euston every 10 minutes with journey times of less than quarter of an hour, while the motorway network is on the doorstep.

Commercial real estate developer Bell Hammer is delivering this phase of the Park’s expansion. The letting agents on Croxley Park are CBRE, Bray Fox Smith and Stimpsons.

pnorman@costar.co.uk

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