Boultbee Brooks Real Estate (BBRE), the privately owned investment and development company, is delighted to announce the purchase of the consented office development site at 36 Clarendon Road, Watford from VFund (Watford) Limited. BBRE will speculatively develop the new Grade A office totalling 25,000 sq ft (2,322sq m), that will be the first new build office scheme in Watford town centre for 15 years. Construction will commence by August this year, and practical completion is expected Q4 2017. Savills and JLL are the appointed letting agents.
The new build development will comprise a six storey Grade A office development with the latest exposed services design features, and will differentiate/revitalise the existing more traditional stock currently available on Clarendon Road. The speculative scheme will be available as a whole, or on a floor by floor basis, and is set to achieve record rents for Watford and the North M25 office market.
The scheme takes advantage of adjacent amenities in Watford Town Centre, as well as strong connectivity with Watford Junction Station, road and international airport links also near by. Rail times to central London (Euston) from 14 minutes.
Alex Aitchison, Development Director at Boultbee Brooks Real Estate, comments: “We are delighted to secure the purchase of this rare development opportunity on Clarendon Road and will quickly start construction to take advantage of the non-existent new build supply in the town centre. Watford has been undervalued in comparison to surrounding M25 towns and we will aim to capitalise on the depth of occupational market demand to secure a letting before practical completion”.
Acting on behalf of the purchaser, Robert Cannock of Aurum Real Estate, who advises BBRE, said: “The purchase of this site continues our strategy of selectively acquiring properties in those established occupational markets where there are short term opportunities to deliver strong returns. The ability to commence the development within a couple of months was of particular interest as we believe there is a current strong level of underlying tenant demand for the location.”
Andrew Willcock, director in the South East office agency team at Savills, adds: “36 Clarendon Road will provide the first new Grade A space in more than 15 years, revitalising stock and setting record rents for the area. We expect healthy pent up demand from professional and corporate occupiers already based in Watford. Additionally, with central London rents continuing to rise, we expect significant interest from more London centric occupiers seeking better value premium office accommodation in established and connected locations such as this.”
Peter Domb, Development Director at VFund (Watford) Limited, commented: “We are delighted to announce this sale following our recently obtained planning consent for this new Grade A office space on Clarendon Road, the heart of Watford’s central office provision. The local authority have been supportive throughout of our plans to see the first speculative office built in central Watford for over 15 years and we wish BBRE every success in the scheme. The design makes this a unique and desirable building that will create a statement upon Clarendon Road, and VFund are grateful for all of our teams efforts, especially our architects PRC, planning consultant Woolf Bond and our advisors Perry Holt & Co, LSH and JLL.”
Boultbee Brooks Real Estate were represented in the purchase by Aurum Real Estate. Savills and JLL are the appointed letting agents.
V Fund (Watford) Limited were represented in the sale by JLL, Perry Holt & Co, and LSH
For further information, please contact:
Andrew Willcock, Savills Tel: +44 (0) 20 7409 8866
Hannah Pollack, Savills press office Tel: +44 (0) 20 7299 3034
Christine Elsasser, BBRE Tel: +44 (0) 20 7349 8454