Turnstone Estates - Offices Development - Chelmsford, Priory Place

Date: 07 Jul 2006

Contractor Wilmot Dixon has started on site at Priory Place, Turnstone Estates' £16 million speculative office development in Chelmsford, Essex.

The scheme, located on the junction of Parkway and New London Road, will comprise 41,626 sq ft (3,876 sq m) of grade A office space over five floors, with 81 car-parking spaces.

Chris Goldsmith, managing director of Turnstone Estates, comments: "The success of our other office developments in Chelmsford and the strength of the local market have given us the confidence to build speculatively. This scheme will provide the high-quality office accommodation that is in high demand in the area."

Completion of the scheme, which is funded by RBS Pension Fund and Standard Life, is scheduled for July 2007.

Taylor and Company are letting agents and CBRE advised on funding.

The Priory Place site was acquired by Turnstone in 2000 as part of a portfolio that included Fenton House and Greenwood House, also on New London Road. Fenton House was sold in February 2005 for £7.83 million, reflecting a yield of 7.51%. Greenwood House was developed in partnership with Royal London.

CGI of Priory Place office development

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