ABSTRACT ANNOUNCES JULY COMPLETION FOR THE FLORENCE BUILDING, BASING VIEW

Mark Glatman's Abstract Securities has announced that its associate company, Abstract (Basingstoke) Limited, will complete The Florence Building, its ‘uncompromising value’ office scheme, on 23 July 2018. It will be the Town’s first new speculative offices in 15 years offering the lowest cost per work station in the South East of England. Furthermore, 203 under-cover car parking spaces, will provide the best car parking ratio of any new speculative Town Centre office building in the South East. 

A landmark development located in Basing View, Hampshire, The Florence Building comprises 60,535 sq.ft. of ‘Grade A’ space on ground and four upper floors. Notably, the building offers flexible, virtually column-free floorplates from approximately 9,200 sq.ft. to 12,400 sq.ft. It is designed to a BREEAM 'Excellent' 2014 and an EPC 'A' rating to provide some of the most efficient and environmentally friendly office accommodation available.

The interior will be finished to a full Cat A standard including air-conditioning, suspended metal ceilings, LED lighting and raised floors.  A contemporary reception area will feature a double-height glazed atrium space, while lockers and shower facilities on the ground floor are adjacent to 48 secure covered cycle spaces. There is potential for up to 24 electric vehicle fast-charging points.

It is the fourth in a series of Abstract’s “uncompromising value” speculative office developments and follows on the heels of successful developments in Gatwick, Croydon and Glasgow, where a similar methodology has been well received by the market.

Mark Glatman, Chief Executive of Abstract, said: "Our scheme represents a superb opportunity for occupiers to take highly cost efficient space in Basing View, in a London-quality building with the ability to incorporate the latest workplace initiatives.  For example, the 'cost per workstation' based on an occupancy of 1:8m2 per person in the Florence Building is just £3,400 per annum when compared with £3,700 in Farnborough,  £4,800 in Reading and £5,600 in Guildford. Total occupancy cost in The Florence Building is over 75% lower than the West End core and nearly 30% lower than in central Reading*.”

A prime business location, Basing View offers an unparalleled location to enhance profitability and work life balance. It benefits from Enterprise Zone status with a new £10m landscaped public realm and a dynamic mix of office, retail and leisure amenities for staff. 

Just eight minutes’ walk to the train station (42 minutes to London, Waterloo) and just five minutes’ walk to leisure amenities;  a new proposed Village Hotel with gym, swimming pool, café and meeting/events space will soon join John Lewis Home and Waitrose.

Basingstoke is a rapidly growing town and one of the most affluent in the UK, surrounded by exceptional countryside with access to a significant pool of talent and easy access to some of the most desirable residential addresses.

The scheme is designed by TP Bennett and Bowmer & Kirkland is the contractor.  Savills and RARE are jointly marketing The Florence Building.

(*Source: Savills and Rare 2018. Comparable buildings outlined above are based on occupational densities between 1:8m2 and 1:10m2)

Visit http://www.theflorencebuilding.com/video/   and   www.theflorencebuilding.com for further information on the development.  For Abstract Securities visit www.abstractsecurities.com.

Further information:  Pauline@skylarkpublicrelations.com / mobile 07833 490964

Raising The Bar - The Florence Building

WATCH FLY-THROUGH VIDEO SHOWCASING THE FLORENCE BUILDING AND BASING VIEW, BASINGSTOKE, A KEY SOUTH EAST BUSINESS DESTINATION

http://www.theflorencebuilding.com/video/

Mark Glatman's Abstract Securities has announced that its associate company, Abstract (Basingstoke) Limited, has unveiled a new fly-through video that provides a preview of The Florence Building its new ‘uncompromising value’ office building and showcases Basingstoke, a key business destination in the South East.

The Florence Building is a new 60,000 sq.ft. office development and the first new speculative office building in the Town in 15 years.  Comprising ground and four upper floors, the building has been designed to offer optimum, virtually column free floor plates from approximately 9,200 sq.ft. to 12,400 sq.ft.  Due to complete on 23 July 2018, it will also include 203 under-cover car parking spaces.

Mark Glatman, chief executive of Abstract said: “With works now well underway, we are proud to bring The Florence Building to the market at a time when we are seeing occupiers upgrade their accommodation to the highest specification to attract and retain the best staff.  Our development offers 'uncompromising value' and is the first new-build office in the Town in 15 years.

“This video gives a contemporary overview of Basingstoke as a business destination, and all that the Town has to offer, providing sweeping external and interior views to each of The Florence Building’s floor plates.

“The building will deliver a high quality 'Grade A' specification with top environmental credentials targeting a BREEAM 'Excellent' and an EPC ‘A’ rating.  A tight design and procurement process will offer occupiers the lowest cost per workstation of any new build office in the South East.  For example, the cost per workstation based on an occupancy of 1:8m2 per person in The Florence Building is £3,400 per annum, when compared with £3,700 in Farnborough or £5,000 in Reading. Total occupancy cost in The Florence Building is over 75% lower than the West End core and nearly 30% lower than in Reading.*

“Basingstoke is the third fastest growing and seventh most affluent town in the UK, with access to a significant pool of talent.”*

A prime business location, Basing View offers an unparalleled location to enhance profitability and work life balance. It benefits from Enterprise Zone status with a new £10m landscaped public realm and a dynamic mix of office, retail and leisure amenities for staff.  The site is just an eight minute walk to the station (train time - 42 minutes to London, Waterloo) and just a five minute walk to leisure amenities; a Village Hotels with gym, swimming pool, café and meeting/events space will soon join John Lewis Home and Waitrose. 

The scheme is designed by TP Bennett and Bowmer & Kirkland is the contractor.  Savills and RARE are jointly marketing The Florence Building.

* Source: (Savills and Rare 2017).

Visit www.theflorencebuilding.com for further information on the development and Abstract Securities. 

Further information:  Pauline@skylarkpublicrelations.com / mobile 07833 490964

Abstract Glasgow sale

In one of the largest investment transactions in Scotland in recent years, a vehicle associated with Starwood Capital Group, a private investment firm, has acquired the entire share capital of Abstract (Glasgow) Limited, the company which developed and owns the St Vincent Plaza office development in Glasgow.  Terms of the transaction were not disclosed.

The 12 storey BREEAM excellent EPC A office building which comprises 172,307 sq ft is multi let to a range of occupiers including KPMG, Whyte and Mackay, Scottish Ministers, Mott Macdonald, Wood Group and Zurich Insurance. 

The building was completed in late 2015 and is located in a prominent position on St Vincent Street opposite the new HQ for Scottish Power. There are strong levels of interest in the two remaining floors.  

Mark Glatman, Chief Executive of Abstract commented: “St Vincent Plaza is the third of our ‘Uncompromising Value’ series of office buildings and it is always satisfying to see the outcome of a good project.  We are delighted that Starwood has recognised the quality of this building and the strong and diverse income stream we have created from the fantastic range of tenants who have been attracted to the property.’’

Christopher McPherson, Development Director added: “We have been working on this project for a number of years and it is great to see the stewardship of the property move to the next stage. The remaining floors in the building are the best new office space left in Glasgow and with no new development likely to come on stream for at least 2 or 3 years we are confident that it will fully let up soon.’’

James Fogarty, Vice President for Starwood Capital Group said “We are excited about the acquisition of St Vincent Plaza which is the first European acquisition for our recently established vehicle focussed on Value Add opportunities. St Vincent Plaza is a well-designed, high quality asset in a strong location with good transportation links – all of which has helped to deliver the very strong tenant roster. Glasgow has very limited Grade A vacancy, almost no new supply, and will continue to be a strong occupational market for the right asset.”

Lambert Smith Hampton and CMS acted as financial advisors to Starwood Capital Group.  Pinsent Masons acted for the shareholders of Abstract (Glasgow) Limited.

For more information contact:-

Mark Glatman – Abstract Securities Limited

mark.glatman@abstractsecurities.com

020 7747 8272

Tom Johnson or Pat Tucker for Starwood Capital Group

tbj@abmac.com/pct@abmac.com

+1 (212) 371-5999

ZURICH CHOOSES ABSTRACT IN GLASGOW

Zurich Insurance is the latest global occupier to commit to Abstract’s St Vincent Plaza office development scheme in Glasgow.

The business is relocating its office from The Eagle Building in Bothwell Street in mid-2018 and will take the entire 7th floor of the development comprising 17,222 sq ft on a new 10 year lease.

St Vincent Plaza is a speculative ‘Grade ‘A’ office development of 172,307 sq ft arranged on lower ground, ground and 10 upper floors. The building occupies a prominent position in Glasgow City Centre and has been designed to support highly efficient day one occupancy levels from 1 person per 6 sq.m.

With a BREEAM ‘Excellent’ and EPC ‘A’ environmental accreditation, the development provides the most cost effective new build city centre office accommodation anywhere in the UK.

Mark Glatman, Chief Executive of Abstract, commented: “We are delighted that Zurich has chosen St Vincent Plaza.  They join KPMG, Whyte and Mackay, Wood Group, Mott Macdonald and the Registers of Scotland to add to an impressive list of occupiers in the building and we are now down to only two floors remaining.  With no new speculative space under construction in the City, the choice for occupiers in the City is becoming very limited.’’

Christopher McPherson, Development Director of Abstract said, ‘’The letting to Zurich takes our total occupancy in Glasgow to 85% and further demonstrates the success of our ‘uncompromising value’ approach to office development which has been very well received by an impressive line-up of major corporate end users in Glasgow and in our other schemes throughout the UK.’’

Joint agents for St Vincent Plaza are CBRE and Ryden.

JLL represented Zurich.

For more information visit www.stvincentplaza.com

Image shows:  St Vincent Plaza

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For media information, please contact Pauline Gregory on 07833 490964 / pauline@skylarkpublicrelations.com or Lisa Mennie 07825 225 414 / lisa@skylarkpublicrelations.com