Exton/BA Pension Fund set to press Richmond spec office button

By Paul Norman - Tuesday, September 05, 2017 15:30

Exton Estates with British Airways Pension Fund (BAPF) have bought the former Richmond upon Thames Magistrates Court from The Secretary of State for Communities & Local Government, and are preparing a significant speculative office scheme, CoStar News can reveal.

The partners paid £9.85m and are preparing to bring forward a 37,000 sq ft office scheme.

The property is located on Parkshot, which runs parallel to and is connected to Richmond High Street, and just a short walk to Richmond station.

Completed in 1976, the Court was built in a contemporary and modernist style, with white render and floor to ceiling glazing. The partners intend to keep much of the individuality and character of the building, with the addition of a second floor to replace the existing and unattractive roof-scape.

The building will be comprehensively remodeled internally with  a full Grade A specification, new reception, secure cycle parking with shower and locker facilities, and on-site car parking spaces. Work is expected to start on site in September 2017, with completion in Q4 2018.

Stuart Bedford of Exton Estates said: “This provides an exciting opportunity to retain a well regarded building in commercial use and to provide a good quantum of the highest quality office space into a market with limited supply. Given these market dynamics along with the attractiveness of Richmond as a location, we expect significant levels of interest.”

DTRE advised Exton Estates and BAPF on the purchase. JLL advised the Secretary of State. DTRE and JLL have been retained to advise on the leasing of the scheme.

ESA Architects is working up a detailed planning application.

pnorman@costar.co.uk

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