Following Mercer Real Estate Partners’ June purchase of Inspired, the 85,626 sq ft office building in Bracknell, the privately-owned real estate investment firm is planning improvements to the property to satisfy the high standards of the modern occupier.
The Inspired improvements will include a new reception desk and furniture to compliment the high quality cafe, double height atrium and large floor plates. Mercer Real Estate is being advised by Lambert Smith Hampton and Jones Lang LaSalle and the quoted rent is just £19.50 per sq ft, which is at a discount to the prime quoting rent of £22.50 per sq ft.
The building is located within Bracknell town centre, close to Arlington Square and The Peel Shopping Centre and a short walk from the train station. Bracknell town centre is at the start of an extensive regeneration programme that will be completed in 2017 and 60% of the scheme has already been pre-let to the likes of Fenwick, Carluccios, Cineworld and M&S.
In addition, House of Fisher is currently constructing an apart-hotel at the neighbouring Beneficial House. The upper floors will comprise a development of serviced apartments aimed at the corporate market and the lower floors are to become a 15,000 sq ft, 24 hour state-of-the-art gym facility, to be run by The Gym Group.
Tom Fletcher, Head of Lambert Smith Hampton Reading, says: “Inspired has been highly successful over the last two years in spite of the recession. It is now 60% let and offers businesses who employ creative and skilled staff a well-located working environment with quality amenities to help support their work-life balance.
“Bracknell has benefitted from strong inward investment over the last few years and we expect it to continue to offer Thames Valley occupiers a well connected and financially attractive base from which to grow their businesses.”
Alex Hardwick, from Mercer Real Estate Partners, explains: “The Inspired building offers an attractive alternative to the competition. Its large floor plates, impressive atrium, and Costa coffee branded café, combined with the fact that it is within walking distance of the train station and the soon-to-be re-developed Bracknell town centre, make it an attractive offering. We are looking forward to building on the successful lettings of Anixter, Sharp, Shoretel and Experto Credite.”
Charlie West of Jones Lang LaSalle adds: “This is an ideal opportunity for an occupier to establish themselves in an improving and vibrant Thames Valley town which boasts a highly skilled workforce. Office take up in Bracknell is currently one of the highest when compared with other Thames Valley towns, signifying the interest of major corporate occupiers in this easily commutable area.”
Lambert Smith Hampton is acting as a joint letting agent with Jones Lang LaSalle and the space offered is 25,728 sq ft on the ground floor and 8,778 sq ft on the first floor, with floorplates available in suites of 5,000 sq ft upwards.