Clearbell and Patrizia Announce Letting at The Bower, Stockley Park
A joint venture between Funds managed by Clearbell Capital and PATRIZIA today announce the letting of the ground floor at The Bower, 4 Roundwood Avenue, Stockley Park to Spaces, part of IWG.
The 45,824 sq ft floor will provide the latest co-working and service office facilities, together with a new café and club lounge for use by all occupiers within The Bower.
Spaces has signed a new 15-year lease with break in year 10 and will pay a base rent throughout the term of the lease together with a revenue share. IWG PLC is to act as guarantor for the duration of the lease.
Stockley Park is one of the UK’s premier business parks located 3.5 miles north of Heathrow Airport. The property has been developed to take advantage of low levels of Grade A office availability in the M25 / Thames Valley region. Development included a focus on energy and efficiency, bringing the property to a BREEAM rating of Excellent and EPC A rating.
Duncan Jarvis, Director at Clearbell said, “We are delighted to have let the whole Ground Floor to Spaces. This greatly improves the amenity offering in the building including a café in the atrium and further aids future occupiers of The Bower to flex in and out of the co-working space. This letting also cements our multi-let strategy at this flagship building which is now being offered in suites from 7,000 sq ft to a total of 100,000 sq ft, on the 1st and 2nd floors.”
Michael Pryer, Managing Director, Fund Management at PATRIZIA said, “We are pleased to welcome Spaces to the Bower who we feel confident will thrive given the current constrained supply and noticeable uptick in occupier activity in the Thames Valley”
Stuart Bedford, Director of Exton Estates said, “The letting of the ground floor to Spaces fully endorses The Bower as an exemplar in sustainable redevelopment of a phase one Stockley Park building and provides for a grade A institutional letting, with more to follow.”
Rupert Cooper, Global Development Director at IWG said, “The flexible workspace revolution has well and truly arrived and we are seeing demand for flexible office space increasing dramatically. Our research has shown that 53% of professionals now choose to work flexibly for at least half of their working week, illustrating just how important it is for companies to capitalise on this growing trend.
“In such a strong and dynamic market, we are excited to be partnering with Clearbell, PATRIZIA and Exton Estates.”
The new centre is due to open in Q1 2019. Cushman & Wakefield, CBRE and DTRE advised Clearbell, PATRIZIA and Exton. Doherty Baines advised Spaces.