Turnstone secures funding for its Priory Place office development


20-06-2006

Turnstone Estate has entered into a joint venture with Standard Life Investments, who are acting on behalf of client RBS Pension Trustee Ltd, and has secured 16m from them for Priory Place, its speculative office development in Chelmsford.

The scheme, located on the junction of Parkway and New London Road, will comprise 42,238 sq ft of Grade ATurnstone Secures Funding for its Priory Place Office Development office space over five floors with 80 car parking spaces. Work is due to start in June 2006, with completion scheduled for early summer 2007.



CB Richard Ellis advised on funding and Taylor & Company are letting agents. Pardoe Properties advised Standard Life Investments.



Chris Goldsmith, managing director of Turnstone Estates, comments: 'High quality office accommodation is in high demand in the Chelmsford area and there is next to no Grade A supply. This market strength has given us the confidence to build speculatively.'



Paul Forshaw, a director in the National Development Team at CB Richard Ellis, comments: 'The speculative funding is a very positive sign for the office development market, demonstrating the improved confidence in the sector from institutional investors.'



The Priory Place site was acquired by Turnstone in 2002 as part of a portfolio that included Fenton House and Greenwood House, also on New London Road. Fenton House was sold in February 2005 for 7.83m, relfecting a yield of 7.51%. Greenwood House was developed in partnership with Royal London.

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Established in 1989, Turnstone is one of the most active and dynamic property companies in the south east of England.

Turnstone Estates Limited