Boutique investment and development house, Investra, was keen to secure this site as there are very few office development opportunities in Guildford town centre with which to take advantage of growing rental values. Construction is planned to start in Q3 2016 and completion is due in Q4 2017.
Charlie Lake, director of capital markets, Lambert Smith Hampton, comments: "The marketing of the Pembroke House site attracted written proposals for a variety of potential alternative uses. The acquisition by Investra, who intends to speculatively develop the consented scheme, is a reflection of market confidence in the tightly constrained Guildford office market and forecast continued liquidity in the capital market."
Pembroke House is set in a riverside location five minutes away from Guildford train station (itself due for a proposed £150m redevelopment programme) and the town's shopping centre. When completed, it will represent one of very few new grade A office space in Guildford available for occupiers.
Lambert Smith Hampton has also been appointed letting agent for the development and Paul Dowson, director of office agency, Lambert Smith Hampton, explains: “With prime headline rents already hitting £31.50 per sq ft, availability standing at under 7% of total built stock and no grade A construction in progress in the town centre, this site provided a prime investment and occupational opportunity."
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