Work starts in Leicestershire's first speculative office site in 10 years
Work is set to begin on a new 30,000sq ft development of prime office space on the outskirts of the city.
The complex, made up of three two-storey buildings, will be Leicestershire's first large out-of-town speculative office development for more than 10 years, according to commercial property consultancy Lambert Smith Hampton, which is marketing it.
The development will be built on a two-acre site at Watermead Business Park, in Syston, and offer "grade A" accommodation in a bid to lure high-quality businesses to the area.
The 63-acre park is already home to the head offices of companies such as Lafarge, Dunelm Mill, Flogas and houses Bentley's Leicester showroom.
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Jane Taylor, office agency director at LSH in Leicester, said:
"It is an exciting development and one I am sure will prove to be popular as it will offer grade A accommodation in a fantastic location, adjacent to Watermead Country Park, with first-class transport links and excellent parking provision.
"At this stage, we are still able to tailor buildings to meet specific occupier requirements and invite interested parties to discuss their needs with us.
"The offices are expected to be completed in spring 2014.
"This will be the first speculative office development of more than 10,000sq ft out of town for more than 10 years and it represents a major vote of confidence in Leicester as a destination to attract high-quality office occupiers."
Commercial property agents and city mayor Sir Peter Soulsby have highlighted the need to create more grade A office space in and around the city to help attract good quality businesses.
A study by Innes England on the state of the county's commercial property market released at the beginning of this year showed of the office space available, only 22 per cent was grade A. Most of the supply (65 per cent) was classed as poorer-quality second-hand space.
In their report, Innes England said this was a "concern".
The new buildings at Watermead will be constructed by Marlborough Property Company.
Watermead Business Park is owned by Raynsway Properties, which has about 60 commercial properties in Leicester.
The park is situated adjacent to the A46, providing easy access to Nottingham, Derby and Loughborough is a 15-minute drive from the M1 and 30 minutes away from East Midlands Airport.