Sep 5, 2005
In an off market deal, Slough Estates and Thales UK have exchanged contracts for the development of approximately 47,000 sq.m. (505,000 sq.ft. gross) of office and R+D / light industrial space. The end value of the scheme is anticipated to be in excess of £100 million.
Slough purchased 22 acres of land/buildings from two adjoining ownerships in December 2004. The site is in a prominent location on Manor Royal and the London Road, Crawley. Thales UK leased back 315,000 sq.ft. of the existing buildings as part of the deal, which also included a profit share arrangement in the event of redevelopment of the site.
Subject to planning permission, the new development will comprise three office buildings, totalling approximately 25,548 sq. m. (275,000 sq. ft. net) and a light industrial / R+D unit of 16773 sq. m. (180,545 sq. ft. gross) designed by Nicholas Hare Architects.
The prestigious new complex will achieve the phased relocation of six Thales UK business units located in South East England onto the site. Thales UK is one of the largest employers in the Crawley area, and the development will accommodate Thales UK's forecast business growth and secure its long term future in the town. The facility will unite circa 2500 staff, plus manufacturing and service centres, addressing aircrew training, synthetic environments, train safety systems, naval communication, credit card security, radar systems, electronic warfare and mission systems.
Detailed discussions have already been held with the Local Planning Authority, and a planning application will be submitted imminently. The first phase of construction is anticipated to commence in early 2006 and Thales UK aims to be fully relocated by the end of 2008, at which time the five acre balance of the site will be available for further commercial development.
Graeme Steer of Slough Estates and Paul Wooldridge Property Director for Thales UK respectively led the direct negotiations between the parties.
Mike Wilson, Slough Estates Regional Director for South London and South of England commented: "We are delighted to have concluded this transaction with Thales UK which gives mutual benefits to both parties and follows many months of discussion and negotiation. This represents one of the largest pre-lettings in the South East for many years and Slough's largest ever prelet by floor area in the UK."
About Slough Estates
Slough Estates is a leading provider of flexible business space in business parks in Western Europe and North America, with over 1500 customers occupying 2,996,967 square metres of business space, with a total value of £3.9 billion. Slough Estates' properties are in suburban locations in close proximity to the main business centres, where there is long term demand for business accommodation to serve these key economic regions. The company's main activities are currently based around London, Brussels, Paris, Düsseldorf, Amsterdam, San Francisco and San Diego and the company continues to develop new business parks with the long term objective of building shareholder value and enhancing its reputation for quality buildings offering excellent value to customers.
www.sloughestates.com
For more information contact:
John Heawood, Tel: 01753 537171
Emily Bruning, Shared Value Ltd, Tel: 020 7321 5027
About Thales UK
Thales UK's activities encompass defence, aerospace, security and services. The company is the UK's second largest defence systems contractor and has been a supplier to the MoD since the First World War. Thales employs 10,000 staff in the UK and 60,000 people in 50 countries. In 2004, Thales UK's revenues were £1.1bn www.thalesgroup.co.uk
For more information contact: Paul Wooldridge, Tel: 01932 824 800