20th Sep 2006 07:00
Development Securities PLC20 September 2006 DEVELOPMENT SECURITIES PLC BUYS COMPAIR HOUSE, SLOUGH Development Securities announced today it has bought Compair House in Slough for£7.0 million. The 2,250 sq m, self-contained office building adjoins thecommercial element of the Heart of Slough scheme, a Development Securities jointventure with Slough Borough Council, English Partnerships and Berkeley Homes. Located between the train station and the Heart of Slough site, this purchasepermits the permanent relocation of the existing town centre bus station so thatthe existing site can be redeveloped with approximately 300,000 sq ft ofcommercial development adjacent to the town's transport hub. Development Securities are working with their joint venture partners to submitan outline masterplan application later this year. Knight Frank advised Development Securities on the acquisition. Julian Barwick, Joint Managing Director, Development Securities, commented, "We have seen a significant improvement in the vacancy rate of the Slough officemarket and believe this rate will improve further over the next 18 months. "The positive development in sentiment in Slough and across the Thames Valley,is further supported by the recent Government decision to approve EnglishPartnership's proposed gross infrastructure investment of over £15 million inthe Heart of Slough regeneration scheme. "Accordingly, we are submitting our outline masterplan alongside our jointventure partners with a view to commencing development in 2008, with completionexpected in 2010." Enquiries: Alison Howard, The Communication Group plc 020 7630 1411 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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