|Multi-million Chiswick Business Centre Deal|
Turnham Green Terrace commercial space to be upgraded
Gable House, the office space on Turnham Green Terrace, has been purchased for £2.5 million. The buyer is Serviced Office Group (SOG) is an AIM-Listed provider of flexible office space, which currently operates a total of ten centres, providing a total of 1,706 desks.
The building had been the subject of an application to add an extra floor and convert it into flats in 2003 but objections from local residents to what was felt to be an unattractive design meant that permission was refused.
The 11,664 sq. ft business centre is held on a 999-year lease, and will become the Group's twelfth serviced office location in London and the South East. The acquisition will be financed through a mixture of cash resources and borrowings.
Gable House, which includes 11 car parking spaces, will undergo a complete internal upgrading and refurbishment works costing £800,000 which, on completion, will provide 142 workstations.
Michael Kingshott, SOG Chairman, commented , "We are delighted to add Chiswick to the locations now available to our business occupiers. It increases our capacity by 8 per cent, bringing the number of workstations to 1,848 within our twelve centres."
The SOG business centre portfolio now comprises five leased premises at Blackfriars, two in Uxbridge, Marlow and Richmond, and seven freehold/long leasehold centres, at Chiswick, Harrow, Hayes, Kingston, Crawley, Bournemouth and Teddington.
December 28, 2006