Prospero, Redhill

Case Study

Prospero, Redhill

BNP Paribas Real Estate advised McKay Securities plc on scheme delivery for the Prospero office development in Redhill.

Leasing Offices

The challenge

We were asked to advise Lamron Estates on funding alternatives for the first new speculative office development in Redhill for 10 years. Following this, BNP Paribas Real Estate advised Lamron and the site purchaser McKay Securities plc on scheme delivery.

 

The solution

Following a comprehensive design review, a speculative start was made, with the 48,000 sq ft building being completed in October 2016. The building was 90% let within 12 months of completion to tenants including Morrisons Solicitors, Shawbrook Bank and the Plan Group.  

01

48,000 sq ft

Total size

02

10 year

unbroken leases taken by all tenants

03

£31 per sq ft

record prime rent for Redhill

01

48,000 sq ft

Total size

02

10 year

unbroken leases taken by all tenants

03

£31 per sq ft

record prime rent for Redhill

Simon Perkins, Chief Executive Officer, McKay Securities plc

“BNP Paribas Real Estate was integral to our recent development at Prospero, Redhill. The project has been extremely successful, achieving lettings on a 10-year term, shortly after completion, at rents above our appraisal figure. BNP Paribas Real Estate’s experience, in-depth knowledge and hard work undoubtedly helped us over-achieve.“
Prospero, Redhill