A rare opportunity for ambitious Cornish businesses to purchase their own property is about to open with the launch of “3 Truro”, a new £5.5 million concept set to revolutionise ‘out of town’ working.
The new ‘3 Truro’ work zone is the first speculative employment-space development in the Truro area in almost twenty years – masterminded by Walker Threemilestone and the Cornish team at property specialists Vickery Holman following in-depth research and consultation on what growing businesses need and want.
3’s future business owners will combine the benefits of an inspiring area, collaborative creative community feel, great design and eco-credentials with the utmost flexibility of use and scale, location and a shrewd business investment. Units cost from £250,000 for 222 square metres to buy or £20,000 a year to lease.
A range of new benefits are planned for 3 Truro, including a cool Cornish wifi-ed café and bar where people from the whole area can meet, work and socialise, along with shared flexi meeting rooms, an on-site staff fitness room, landscaped surroundings and external meeting and ‘chill’ spaces.
Sited at Threemilestone on the edge of Truro, 3 has the easy-access benefits of an ‘out of town’ business park yet is just minutes from both the city centre and Cornwall’s arterial A30 trunk road.
With access for all types of vehicles and open planning permission, 3 Truro offers a true mix of space for businesses from professional services to industrial – from office and factory to call-centre and manufacturing space – all set around a ‘corporate community’ hub. Businesses have the option of a number of spaces which can be designed both internally and externally to their own spec, style and requirements.
“We’re working with great designers to create an attractive, fit-for-purpose work environment we can be proud of,” says Maureen Walker. “All buildings are of the highest BREEAM low carbon spec, which are totally flexible and with the rare bonus that they can be purchased outright.
“And with such a wealth of diverse businesses all around us at Threemilestone we’ll be creating an inclusive atmosphere here at 3 Truro which maximises the potential for cross-fertilisation and forging of new customer bases which will benefit everyone.”
3 Truro has been devised by Walker Threemilestone working with Vickery Holman and grant-funded to the tune of more than £3 million by the European Regional Development Fund Convergence Programme. When completed 3 is forecast to provide for more than 130 jobs across its 3,419 square metres of work space.
Landscaped grounds and street art as well as collaborative areas will make 3 Truro a compelling place for people to work. Improved road access and plenty of parking will make lives easier for Cornish commuters and 3’s community of workers will also benefit from proximity to the Truro Park and Ride and a bank of secure bike stores.
Commercial property like this rarely comes up for purchase meaning many businesses are forced to rent when it often would make more financial sense for them to buy. 3 Truro offers entrepreneurs and company directors a fresh opportunity to purchase their property with long term options for pension fund or SIP investment.
“With interest rates at such an historic low the costs of purchasing compare most favourably against renting,” says Commercial Finance expert Ros James, “with the ability also to repay loans over periods of 15-25 years.
“We have access to highly competitive sources of funding for these types of units for both owner-occupation and commercial investment. It’s possible to achieve up to 80% of the lower purchase price or valuation for owner occupiers and 65%-75% on a commercial investment basis.”
Kim Conchie, CEO of Cornwall Chamber of Commerce has taken a keen interest in the type of business space available within the county and he says, “Over the past three years the quality of office space for small businesses in Cornwall has been revolutionised by the Innovation Centres. The businesses they’ve incubated – and other growing businesses – now need to move on to equally excellent, supportive, inspiring and, of course, affordable commercial space.
“From what I’ve seen of the plans for 3 Truro, and some other business developments in the region, the grow-on office and light industrial space offering is now beginning to match up to the needs of our dynamic SMEs.”
