Redhill's only new office development
London Road, RH1 1LQ
Up to 18,027 sq ft To Let
Redhill's only new office development
London Road, RH1 1LQ
Up to 18,027 sq ft To Let
50% Now Let
Prospero is the only new office development in Redhill – a proven business location with excellent transport connectivity. Its large floors and high quality specification provide flexible space attuned to modern business needs. The accommodation totals 50,373 sq ft, with 87 car parking spaces. Top floor roof terraces offer impressive panoramic views of Memorial Park and the North Downs.
Redhill is a thriving town located in the south west of Surrey at the foot of the North Downs. The town
blends old and new, with attractive Victorian buildings alongside modern architecture.
The Belfry shopping centre is home to a range of major retailers including Marks and Spencer, Boots, WH Smith and Topshop, as well as a range of smaller shops catering for your every day needs. The first phase of Sainsbury's new store in Warwick Quadrant opened in August 2016.
Surrey offers an enviable quality of life, with a unique mix of towns and villages, plentiful common land and open spaces, good motorways and easy airport access, all within a half hour commute of London. To the north of Redhill, the North Downs Way runs through an area of outstanding natural beauty and offers a wealth of outdoor activities. The Channel coast is 35 miles to the south and the London to Brighton bike ride goes right past Prospero's door down the A23.
Significant regeneration projects are underway
in Redhill town centre.
Reigate & Banstead Borough Council have been working to bring forward redevelopment of key sites in the town.
Highway works to improve the town centre's traffic flow, including conversion of the one-way road system to two-way, are now complete together with improvements to pedestrian and cycle routes to make the town centre more attractive and safer.
Redhill Station is due to be redeveloped to improve capacity and provide a greater sense of arrival, and will include a new Waitrose store.
Proposals for the redevelopment of this town centre site fronting High Street and Marketfield Way include a new cinema and restaurant / retail provision
A redevelopment to provide 61 apartments and a Tesco Express opposite Redhill station.
3 Princess Way
This new landmark development is home to a 68 room Travelodge, The Gym which is open 24/7 and a large Sainsburys Superstore with 550 parking spaces and includes a sushi bar and pizzeria.
McKay Securities PLC is a commercial property investment company with Real Estate Investment Trust (REIT) status.
The company has established a long track record of developing and refurbishing high quality, contemporary and innovative industrial and office properties in the South East of England and London.
In addition to Prospero, the Company is currently delivering two new top quality office buildings in Lombard Street, EC3 and Greyfriars Road, Reading. Completed schemes are retained and managed for long term growth within the company's portfolio.
A significant proportion of the portfolio has either been developed or refurbished by the company using some of the best-known architects of their time to create properties attractive to occupiers.
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McKay Securities PLC, the only UK REIT specialising exclusively in the London and South
and industrial markets, has let the ground floor of Prospero, its new 50,370 sq ft
office development in
Redhill, to insurance broker, The Plan Group Limited ("The Plan Group").
The Plan Group has agreed a 15 year lease term on 11,537 sq ft of space, with a tenant break option after 10 years, at a rent of £346,110 p.a., equivalent to £30.00 per sq ft. Prospero will represent The Plan Group's new headquarters, relocating from their existing freehold in Purley, Croydon. This announcement follows a letting earlier in the year of the third floor of Prospero to Morrisons Solicitors LLP. With two of the four floors now committed, Prospero is 46% let at rents ahead of ERV. Marketing of the remaining two floors totalling 26,100 sq ft continues to generate encouraging interest.
The 1.2 acre Prospero site was acquired by McKay in an off-market transaction in May 2013 for £2.3 million, with the benefit of a planning consent in place. Following immediate work to enhance the office planning consent and dispose of surplus land to a residential developer, McKay completed the development at the end of 2016.
Commenting on the letting, Simon Perkins, Chief Executive of McKay,
"The selection of Prospero by The Plan Group provides a clear indication of demand for the occupierfocused business space we have created in this undersupplied market. This letting means two of the four floors are now occupied, and interest levels remain high in the remainder of the property.
"As this letting demonstrates, we continue to deliver attractive shareholder returns
the significant reversionary potential of our portfolio and with a strong pipeline of
active projects we
look forward to maintaining this."
Scott Georgiades, Founder and Corporate Development Director of The Plan Group,
"The opening of our new office building in Redhill is an exciting new step in our company's development. We see an increasing demand and interest for our services and we strongly believe that our brand really fits here. The convenience of the Prospero office location coupled with the impressive sustainability levels of the development were major pull factors in moving our business here."
McKay's Prospero project was Redhill's first new office development in over 10 years. The
features four large flexible floors, 87 car parking spaces and is flooded with daylight
due to floor to
ceiling windows. The scheme achieved the BREEAM "Excellent" and EPC 'A' ratings due to
sustainable design, ensuring running costs are kept to a minimum. Its electricity
expected to be 60% lower than a typical UK office building.
Located in the heart of Redhill town centre, Prospero is just a seven minute walk from
station which provides direct access to London Bridge, London Victoria and Gatwick
Airport. It is
equally conveniently situated close to the M25.
Strutt & Parker and Altus Group acted on behalf of McKay and Michael Rogers acted on behalf of The Plan Group.
For further information please contact:
McKay Securities PLC
Simon Perkins, CEO
Giles Salmon, CFO
Dido Laurimore, Tom Gough, Ellie Sweeney
020 3727 1000
About McKay Securities
McKay Securities PLC is a commercial property investment company with Real Estate Investment Trust (REIT) status, listed on the main market of the London Stock Exchange. It specialises in the development and refurbishment of good quality office and industrial buildings within established and proven markets of London and South East England. The portfolio, which is valued in excess of £430 million, comprises 36 properties in strong and established areas which deliver diversity in terms of both sector and location.
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The UK REIT has signed up Morrisons Solicitors to a 10-year lease for the entire third
floor, totalling 10,643 sq ft, at £31/sq ft.
Morrisons is expanding into the building from an existing Redhill office, and will occupy more than 20% of the 50,370 sq ft asset. The 1.2 acre site that Prospero sits on was acquired by McKay in an off-market transaction in May 2013 for £2.3m. Following immediate work to enhance the office planning consent and dispose of surplus land to a residential developer, McKay was able to progress the scheme in January 2015.
Simon Perkins, chief executive of McKay said: "Our ability to attract a highly regarded regional law firm such as Morrisons is testament to the quality and appeal of our most recent development, Prospero. This modern and attractive building instantly impresses upon entering, while its strong sustainability credentials act as a further incentive to today's increasingly environmentally- and cost-conscious tenants.
"With a surplus of outdated stock in the market, we identified the demand and potential for a contemporary new office building in Redhill, a well-connected South East town that has proven popular with corporate occupiers. Our ability to lure Morrisons across town to Prospero is a clear endorsement of our conviction, and we look forward to announcing further lettings in due course with encouraging discussions underway with prospective tenants." Prospero was completed by McKay in November 2016 with its development partner, Lamron Estates.
Strutt & Parker acted on behalf of McKay Securities, and Altus Group acted on behalf of Morrisons Solicitors.