Tue, 09 Nov 2010 | BUSINESS SALE
£450 million is the price tag attached to the 1.8m sq ft office scheme at Chiswick Park, which has come onto the market.
One of the biggest office developments in the country, the 33-acre plot can provide commercial space for up to 10,000 individuals. It is held by the Chiswick Park Unit Trust on behalf of UK and Canadian pension funds, which are managed by Schroders and Aberdeen Property Investors.
The rumoured sale is a result of investors wishing to withdraw their funds from the Chiswick development and take advantage of the rise in value of commercial property.
It has not been confirmed as yet whether Schroders and Aberdeen Property Investors will sell off the entire fund or just the commercial property it manages.
Prior to the major commercial development being built on the site, it had lain derelict for some time. Currently, nine of the office buildings are used by companies including Paramount, Foxtons, the Discovery Channel and Singapore Airlines.
The next phase of the development, which was designed by Rogers, Stirk, Harbour + Partners and developed by Stanhope, includes plans for two more office towers. Orbis Technology, the leader in interactive gaming and betting solutions, also occupies 35,000 sq ft at Chiswick Park.
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