Stiles Harold Williams - Offices Development - Crawley, Crawley Business Quarter, Manor Royal

Date: 09 Oct 2001

Standard Life Investments has paid Vanson Developments, the property arm of the Virgin Group, just over £1 million an acre for the remaining development land on the Manor Royal, Crawley Business Quarter, Crawley, West Sussex. Included in the purchase is the recently completed 1,570 sq m Pioneer building, which is being marketed through Stiles Harold Williams and DTZ Debenham Tie Leung.

The 7.9 acre site has detailed planning consents covering 17,550 sq m for a range of office buildings of between 2,110 sq m to 12,773 sq m. Standard Life Investments is to commence speculative development of Phase 1, comprising 4,800 sq m immediately.

David Paine, Development Investment Director at Standard Life Investments, said:

"We will continue to see out development opportunities, this will provide office space in a market where supply is limited and demand remains unstable. We have also demonstrated, by exchanging contracts in two weeks, our ability to move quickly when the right opportunity presents itself."

Arthur Walker, Managing Director at Vanson Developments, commented:

"We are pleased to have secured Standard Life Investments as the final investor to complete this successful office park."

Stiles Harold Williams advised Standard Life Investments and DTZ Debenham Tie Leung and Kingstons acted for Vanson Developments.

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