In what is seen as a sign of increasing confidence in commercial property in London, property investment company Rockspring have put the wheels in motion for a speculative office space development at Highbridge Park.
The 80,000 square foot development will be known as Toyon and occupies a site sold by Schroders for around £5 million. The Grade A offices are expected to be leased at £32.50 per square foot.
Toyon is not unique though. As one analyst commented, ‘There is certainly a wave of optimism spreading [West] from central London, where incentives are hardening. It is still a tenant’s market but the tipping point is coming. By 2012 we expect to see a shortage of supply in key towns such as Uxbridge.’
Recent research shows that vacancy rates are down by 5 percent on this time last year and take-up has seen a 65 percent increase.
Image: Flickr (Ell Brown)