Developer Prospect GB has commenced the refurbishment of a headquarters building at Chester Business Park to create 9,479 square feet of Grade A business space at their Montell House development. The company has appointed Liverpool-based All Seasons Construction as the main contractor and is taking the unusual step of completing a full pre-let specification.
The speculative redevelopment of the two-storey building is described by agents Legat Owen as “the most extensive refurbishment project undertaken at Chester Business Park for at least 12 months” and is due for completion later in October. Prospect GB’s decision to finalise the specification prior to lettings discussions reflects a general increase in market confidence and the appeal of a business park which has attracted blue chip names such Bank of America, the Funding Corporation, M&S Money, Regus and Bristol Myers Squibb.
Neil Waddington of Prospect GB said:
“In the challenging economic conditions of recent years, commercial developers have tended to complete their specifications only when the space has been pre-let. It’s an understandably tentative approach, but we have experienced renewed buoyancy in the market in the past six months and have therefore decided to complete a high-specification refurbishment prior to any letting negotiations.”
Will Sadler of Legat Owen said:
“Montell House represents the only refurbished building of its size, circa 10,000 square feet, on Chester Business Park. The location has become a magnet for global companies, particularly in the financial sector, with a superb strategic position adjoining the A55 by-pass, in close proximity to the M53 and M56 motorways. We are planning to hold an Open Day later in the autumn and prospective tenants are invited to register their interest by contacting Legat Owen.”
Further information about Montell House is available from Will Sadler or Stephen Wade on 01244 408200 or online at www.legatowen.co.uk