£36.7m investment to create 68,000 sq ft office scheme in Maidenhead
An eight-figure investment is set to create 68,425 sq ft of new Grade A office space at a business park in Berkshire.
NatWest is providing a fund advised by J.P. Morgan Asset Management with a £36.7m finance package to expand Foundation Park, Maidenhead.
The backing is made up of a £10m speculative development property loan and £26.7m refinancing of an existing commercial loan.
J.P. Morgan Asset Management acquired Foundation Park with NatWest funding in 2015.
The company has spent three years building the site’s occupancy levels and investing in improved amenities, including the introduction of a shuttle bus to and from Maidenhead train station, on-site fitness classes and a café.
Stuart Carr-Jones, executive director at J.P. Morgan Asset Management, said: “We have seen considerable leasing at Foundation Park since its acquisition as space constraints and lack of vacancies in Maidenhead town centre put pressure on the local commercial property market.
“With the funding from NatWest we intend to continue satisfying the robust demand by offering occupiers affordable office space with considerable amenities in a great out-of-town location.”
NatWest’s head of UK structured real estate finance, Lee Franklin, commented: “We are delighted to continue to support J.P. Morgan Asset Management with a structured development facility to assist with the further evolution of Foundation Park.
“NatWest appetite for speculative development finance remains strong for well-located projects and high-quality sponsor management teams.”
The new office space is due for completion towards the end of 2019.