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22 April 1999
Countryside Properties PLC ("Countryside"), the commercial property developer and housebuilder, has commenced development of Syward Place, its new £20m three-storey headquarters office development in Pycroft Road, Chertsey, Surrey.
Joint venture partner The Citibank Private Bank is providing the majority of the equity finance and development finance is being provided by Helaba London Bank.
On completion in June 2000, the building will provide some 4763.9 sq.m (51,279 sq.ft) of flexible air conditioned office accommodation with 240 car parking spaces on a prominent corner site in the heart of the Chertsey Opportunity Revitalisation Area. The scheme has been carefully designed either to accommodate a single occupier or be sub-divided into two self-contained buildings of 2837.2 sq.m. (30,540 sq.ft.) and 1926.7 sq.m. (20,739 sq.ft.) respectively.
Syward Place marks the fourth phase of Countryside’s successful £70 million Revitalisation Project, conducted in association with Runnymede Borough Council. The Project has been instrumental in developing a quality working environment in a substantial area of Chertsey town centre.
Graham Cherry, Chief Executive of Countryside Properties PLC, said: "We are delighted that Citibank share our confidence in this exciting new office scheme. It is the first joint venture we have undertaken with The Citibank Private Bank following a very detailed vetting procedure and the award of approved operator status. With over 500,000 sq.ft. of office space let in Chertsey in the last year or so, and Tag McLaren’s new 450,000 sq.ft. world headquarters near Ottershaw, Chertsey is certainly the most exciting place around the M25 currently, and the ideal project to kick off our relationship with Citibank."
Cyril Leonard & Company and Holley Blake provided investment advice to Countryside and Citibank. Holley Blake have been appointed as joint letting agents with Michael Le Gray and Co. No rent is being quoted at this stage but the market would suggest a rent in the region of £30 per sq.ft.
ENDS
For further information please contact:
Graham Cherry, Chief Executive, Countryside Properties PLC Tel: 01277 260 000
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Information correct as at 22/04/1999