Lynch Wood Park, one of Peterborough’s landmark office addresses and the former HQ of Pearl Assurance, is set for a £7M investment to create 50,000 sq ft of new high-quality offices led by its asset and property managers, FI Real Estate Management (FIREM) at their largest asset under management in the UK. The news comes as demand exceeds supply for high quality offices to satisfy the city’s buoyant office market.
The 350,000 sq ft office campus set in mature landscaped grounds is situated in an area that has attracted many well-known occupiers over the years such as Anglian Water, Close Brothers, Thomas Cook and Atkins and since taking over management there, FIREM has agreed new leases with existing occupiers Diligenta, Tata Consultancy Services, Coloplast, RSA, ERT and Kidney Research UK for the future. Currently only 50,000 sq ft of office space remains available.
David Thwaites, FIREM’s Senior Asset Manager at the Park, commented: “We recognised the opportunity to invest in a major refurbishment of the last remaining 50,000 sq ft of office space to provide a new opportunity for the market. Our architects Sheppard Robson have created designs for new Grade A offices which will be ready for occupation from Quarter 3 2018.
“Occupiers will benefit from an impressive entrance and reception area under a glazed roof as well as conference and meeting room facilities. The offices will also enjoy excellent natural light as well as air-conditioning and extensive car parking facilities at a ratio 1:185 sq ft.
“We plan to offer a range of sizes to the market from 3,000 sq ft up to 50,000 sq ft. As Peterborough is the UK’s fastest growing city, it attracts a wide variety of businesses from local and regional offices to major national end users so we want to be flexible.
“We are also investing in a major refurbishment of the onsite restaurant facility which currently caters for a workforce of 2,000. There are also plans to improve other tenant amenities as well as revitalising a real community spirit among our occupiers and their staff which will include an array of themed events throughout the year. We also have a new gym opening on the site next year.”