OFFICE ‘DEAL OF THE YEAR’

Stoford Developments, Merrill Lynch Investment Managers and GVA Grimley have signed up Wolseley UK Ltd to secure the largest ‘out of town’ office deal within the West Midlands Region this year.

It follows Wolseley UK’s agreement to purchase six acres of Phase II of Spa Park in Leamington Spa for its new 63,250 sq ft UK office headquarters. The initial transaction was worth £10.89million.

Wolseley UK, advised throughout by GVA Grimley, is the UK’s largest distributor of construction products and materials and the name behind well-known brands including Build Center and Plumb Center.

Work has started on the Tachbrook Road site to build 63,250sq ft of office accommodation by July 2005. The site is large enough to take up to 113,000 sq ft of offices for which planning permission has been obtained.

Dan Gallagher, Development Manager for Stoford, the Birmingham-based design and build specialists said: “We are delighted to have agreed such an important investment. Spa Park is a high profile location and its accessibility from major motorway networks has already attracted a number of leading companies to relocate their businesses there. Wolseley UK’s decision is a clear commitment to the area and their investment will inevitably have a significant impact on employment opportunities. It also further vindicates Merrill Lynch’s substantial long term investment in the site.”

Marcus Sperber, Director, Merrill Lynch Investment Managers said: "This is an extremely important transaction for Spa Park. There are a number of development opportunities available for business and industrial space and we are delighted to have attracted Wolseley UK. Their decision to move to Spa Park demonstrates the strength and quality of the location and product available at the Park".

Adrian Barden, Managing Director of Wolseley UK added: “We have recently restructured our business so this is an opportunity to bring together management and other functions under one roof. It is an extremely important strategic move for Wolseley UK. We are a national success story and this is a great location for us – central and accessible to the rest of the country. Our new base will enable us to continue to grow in a unified manner while offering a better service to our customers.” Return to News