Mar 28, 2002
Slough Estates plc has secured its first letting at Farnborough Business Park, to AutoDesk Ltd.
Autodesk has taken a new 15-year lease at 1 Meadow Gate Avenue, a 3,453 sq m (37,169 sq ft) headquarters office development located at the entrance to the park, at a rent of £26.75 psf. The competition in the M3 market for the Autodesk letting was intense, and Autodesk was attracted to Farnborough Business Park by the quality of the masterplan and proposals for the park as a whole, and the specific design of 1 Meadow Gate Avenue, which has been entered for this years RIBA architectural awards.
The letting, which took place two weeks after practical completion of the building, is a major success for Slough Estates, showing an increase in rents in Farnborough despite a challenging letting market.
Development commenced at Farnborough Business Park in January 2001, and the majority of infrastructure works at the site, together with the development of 25 Templer Avenue, a speculative office building of 7,871 sq m (84,727 sq ft) are now complete. The park has planning consent for a total of 155,350 sq m (1,672,000 sq ft) of new offices, together with associated leisure and retail uses, over 125 acres. The park is located approximately 2 miles from Junction 4a of the M3, adjacent to Farnborough Airport, which is currently being redeveloped as an executive airport by TAG Aviation.
Slough Estates is now undertaking preparatory work for the next phase of speculative development at the park, at 300 - 380 Fowler Avenue, which can provide up to 22,697 sq m (244,300 sq ft).
CB Hillier Parker and Knight Frank represented Slough Estates. Autodesk was advised by NJB Consultancy and Vail Williams.