Biggest Deal In Watford For Over 15 Years At Croxley Green Business Park As Park Gets Go Ahead For Expansion
- Croxley Green Business Park granted landmark planning consent for two new Grade ‘A’ office buildings across 140,000 sq. ft.
- FTSE100 listed medical technology firm Smith & Nephew signs deal for 60,000 sq. ft. of office space
- Deal is largest in the Watford area for over 15 years*
- Smith & Nephew joins list of major corporate occupiers including FTSE 250 listed Howdens Joinery, Kodak and Medtronic
Croxley Green Business Park has secured landmark planning consent to expand its existing site with two new buildings spread across 140,000 sq. ft. and signed a deal with the UK arm of FTSE 100 listed medical technology firm Smith & Nephew PLC for office space.
A detailed Planning Application has been submitted to Three Rivers District Council to develop a new phase of HQ offices at their Hertfordshire-based site, comprising two new buildings of 60,000 sq. ft. and 80,000 sq. ft. (IPMS3) respectively.
The rapid expansion of Croxley Green Business Park reflects the increased demand from big companies looking for high quality commercial space within the M25. Construction work on the two new buildings is expected to start in the second quarter 2016.
Smith & Nephew, a leading global medical technology business, will take up 60,000 sq. ft. of office space at one of the existing buildings at Croxley Green Business Park. The company is creating a new headquarters for its UK and Ireland commercial business and will join the likes of Kodak, Medtronic, Howdens Joinery, and GE Money on the Park.
The announcement further cements Croxley Green Business Park as the principal and sought-after HQ operations business park in the South East.
Located close to Watford town centre, Croxley Green Business Park currently offers 450,000 sq. ft. of offices across nine buildings and 190,000 sq. ft. of business space across four multi-let buildings. The current application will provide a further 140,000 sq. ft. of Grade ‘A’ quality HQ offices with car parking at 1:350 sq ft.
The two new buildings will complement the existing Business Park providing high specification offices and a forward thinking workspace for businesses across all sectors. Set around green surroundings, the park offers an array of on-site facilities including a gym, outdoor sports fields, restaurants and a salon.
Popularity of the Park is set to increase in light of the government’s confirmation of funding for the extension of the Metropolitan Underground Line, announced last year. A new station on the line will be located directly next to the entrance way to Croxley Green Business Park, further enhancing Croxley Green’s appeal to major corporate occupiers.
Green Business Park, reinforcing its status as a dominant location for business within the north west sector of the M25.
Paul Smith of BRAY FOX SMITH, comments, ‘Croxley Green Business Park has moved to another level under the Columbia Threadneedle ownership. This new development at the park, the first for over 15 years, coupled with the Metropolitan Line extension will expand CGBP and make it one of the leading business parks in the UK.
Signing a deal with a major new occupier is great news for the whole of the Watford area, when Smith & Nephew are fully operational they will bring the number of employees working at CGBP up to 3,000, which we believe is a record for the Park’.