M&G Plc signs 20-year lease, Cromwell and Stirling Council JV to develop new office at Kildean, Scotland
Real estate investor and manager, Cromwell Property Group (Cromwell) has confirmed that M&G Plc has signed a 20-year sole occupancy lease on a proposed new office building at Kildean Business Park in Scotland.
The building will be developed by the Stirling Development Agency (SDA), Cromwell’s joint venture with Stirling Council. With an estimated completion date of mid-2022, the 77,000 sqft building is part of a series of planned developments at the 340,000 sqft Business Park located near Stirling, an area traditionally popular with financial services and life sciences companies in Scotland’s Central Belt.
The building has been designed to meet stringent ESG objectives and is targeting an ‘excellent’ BREEAM rating, in part through the use of a number of zero and low carbon technologies. The Business Park links into the local cycle network and ample covered cycle spaces, lockers and shower facilities will be provided within the building.
Prior to this lease being signed, SDA had already secured the development of a Marston’s pub and restaurant, a hotel, Starbucks drive-thru and a petrol station at the Business Park.
Matthew Bird, Head of UK at Cromwell Property Group, commented, “To have pre-let the first office building is a testament to SDA’s vision for Kildean Business Park. A focus on creating space with strong ESG credentials and which also serves the health and wellbeing needs of its occupiers aligns with how we see the future of the office post COVID-19.
“We are also pleased to be continuing our 20-year partnership with Stirling Council to bring further jobs and opportunities to the local region.”
David Lawrence, Head of UK Project Management at Cromwell Property Group and SDA Director, added, “We are delighted to be able to welcome M&G Plc as our first office tenant at Kildean Business Park. This is a fantastic example of how public / private partnerships such as the one between Cromwell and Stirling Council can successfully boost the prosperity of a local economy over a prolonged period of time, and on multiple projects.
“We look forward to welcoming further occupiers to the Park,” he concluded.
Stirling Council Leader, Councillor Scott Farmer said, “This is fantastic news which underlines Stirling’s reputation as a prime location to attract and retain business investment.
“M&G Plc has been a cherished part of the fabric of this city since 1997 and this commitment to another 20 years will open up even greater employment opportunities for the people of Stirling.
“With COVID-19 creating business and employment uncertainty, this decision will come as a massive relief to local families and we are delighted to see SDA securing additional investment for the region.”