Large deals to boost Thames Valley market
In the last week, Pharmaceuticals company Astellas Pharma announced it will move its headquarters to Chertsey in the South East region’s largest occupational deal, while the banking group, ING Direct, also instructed its agents to review options in the Thames Valley region ahead of a 2014 lease expiry at its current Berkshire headquarters.
Astellas Pharmas will purchase the 90,000 sq ft, EA Games’ former European headquarters in Chertsey for around £17 million and move into its new base, called 2000 Hillswood Drive, when it leaves its 50,000 sq ft European headquarters in Staines later this year.
ING are also looking for a similar sized building, up to 90,000 sq ft, in the area. This requirement follows a number of new searches in the South East in recent weeks. Active requirements include BP Global’s hunt for an 80,000 sq ft headquarters, a similar sized requirement from Chinese telecoms company Huawei as well as a 60,000 – 70,000 sq ft search by Nokia.
Paul Smith of Bray Fox Smith said “These large deals and further requirements give added significance to the Thames Valley market which has seen demand for offices increase by 120% in the first six months of 2011.”
