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Gladman launches speculative £4million Catterick office scheme
Gladman Developments has opened the first phase of a speculative office development, which is expected to help create more than 400 new jobs in Catterick in North Yorkshire.
More than 30 commercial property agents and local dignitaries attended the launch of Bailey Court, a £4 million, 38,500 sq ft office development on Catterick Road on Colburn Business Park, Catterick, on land which used to be part of Catterick Garrison.
At Bailey Court, Cheshire-based Gladman Developments, which is the UK’s largest developer of speculative office schemes, has built a mix of office accommodation, ranging in size from suites of 2,250 sq ft to stand alone buildings of 10,070 sq ft to suit all types and sizes of organisations.
Gladman has some offices for sale, as well as for lease, which David Smith of Gladman Developments believes will make the buildings especially popular among small businesses.
He says: “Businesses are generally very keen to own offices with their own front door. The smaller buildings at Bailey Court will fulfil that desire, while the larger buildings will provide high quality accommodation for organisations looking to house up to 100 people. Typically we attract a wide range of occupiers to our developments, ranging from government and other public sector organisations to the fast growing software, technology and service sectors of the economy.”
At Bailey Court freeholds are based on £125 psf, with quoting rents around £11 psf.
Gladman Developments is also building a further 18,000 sq ft of speculative offices at Colburn Business Park, known as Battalion Court. Work here is expected to be completed in Autumn 2007.
The office schemes at Colburn Business Park is Gladman’s 44th speculative office scheme in England and Wales in the past five years. It invests more than £100 million per year building new offices and presently has more than 1 million sq ft under construction.
