Moving on from ‘The Office’…..

Real changes are at last afoot within Slough that will promote the importance of this key Thames Valley Town to commercial occupiers.

There is currently 825,000 sqft of built and available office stock within Slough (SL1 postcodes) providing suites from 5,000 sqft. This compares with only approximately 80,000 sqft of sales and lettings in 2009. All these transactions have been from occupiers using the depressed market to upgrade the quality of their accommodation on terms less than they are currently committed to. Whilst finance is difficult to acquire, we have seen owner occupiers such as Burger King and Avco Systems take the opportunity of calling the bottom of the market and buy freehold premises instead of renting.

Although these figures highlight the glut of office space available on the market, the quality of this space is improving and with competitive terms on offer, Slough offers a real alternative to Windsor, Maidenhead, Reading and Heathrow.

Criterion Capital are investing in the town through its shopping centre management and also with a fantastic refurbishment of quality air-conditioned offices at Wellington House in the High Street; offering a real alternative to the established office location of the Bath Road. Criterion Capital has responded to the market by offering the best possible space in suites from 4,100 sqft on flexible terms and has succeeded in attracting two new occupiers into the town, Coremetrics and Northern Foods, this year.

Little new spec development is forecast elsewhere within the Thames Valley and so the completion of Green Property’s seven storey 100,000 sqft new office development on Windsor Road in September is timely. Much excitement awaits the confirmation of the quoting rental and to see whether a new record will be set for the town.

The much talked about Heart of Slough looks finally set to go ahead; a joint venture between Slough Borough Council, Homes and Communities Agency and Development Securities to revitalise a key town centre site of 29 acres. The scheme includes a new bus garage; the model of which attracted the attention of The Royal Academy for its 2009 Summer exhibition. An improved road layout will replace the existing Brunel roundabout, freeing up space for more public open spaces and a plaza area around St Ethelbert’s church.

And you cannot have failed to notice that The Octagon office building, next to the bus station, has been demolished – another ‘star’ from The Office credits! Scottish Widows’ proposed office development of two buildings of 80,000 sqft and 115,000 sqft has been designed as part of the regeneration of the centre of Slough. Designed to offer maximum flexibility, the two buildings are each 8 and 10 storeys with deep office floor plates and joined at the main cores.

Another town centre scheme in the pipeline, and seeking pre-lets, is Aspire 2 on Herschel Street. This development by Valad has been designed to frame a picturesque listed church spire in between two buildings providing over 140,000 sq ft of Grade A office space in the city centre. Again quality is the overriding message with an impressive brick and glass fronted development. The larger building in the scheme will contain over 100,000 sq ft of space and the other will hold over 40,000 sq ft of office space.

Further down the Bath Road SEGRO, the major landlord in the town, has launched a masterplan for future development on the Slough Trading Estate. It will deliver a modern environment with a new Central Area providing a new landscaped boulevard for Leigh Road, a new two way bridge over the railway line and a new entrance from Bath Road. Proposed are two new hotels with leisure and conference facilities, a range of retail outlets including a mini-supermarket and post office as well as a health and fitness centre and landscaped public parks and squares.

These developments will attract new organisations into the town, building on Slough’s reputation as a location of choice for the European HQs of some of Europe’s most famous names. Major Slough occupiers include 02, Research in Motion (Blackberry), Fiat, Lego, Orange and Fujitsu.

Slough Borough Council are key to improve the image of Slough and are part of the ‘Proud to be Slough’ initiative which is aiming to change the perception of the town from both within and outside. To quote from their website ‘Characteristically this means a town that is active, inclusive and safe; well run; environmentally sensitive; well designed and built; well connected; thriving; well served and fair for everyone.’

Slough has over 4,000 businesses employing around 90,000 people; the stats say it all. Now let’s deposit Wernham Hogg into the archives and move on.