Developers Cedar House Investments have secured the pre-let of 15,000 sq ft of office accommodation within phase two of The Point Office Village, its £50 million mixed use scheme on Pride Park, to Porterbrook Leasing Company Limited.
Porterbrook has become the latest high profile business to relocate to new headquarters at The Point, which is being developed on the site of the former Bombardier bogie and signalling works to the west of Pride Park.
Porterbrook is a leading player in the rail leasing market and has a rolling stock fleet of more than 6,000 vehicles on lease or on order, which includes around 4,000 passenger vehicles.
Since the privatisation of the rail industry, the company has been highly successful in winning new train orders, investing in more than 1,700 new passenger vehicles and 1,500 new freight locomotives and wagons. The company also provides on-going train maintenance services.
Following the acquisition of the company by a consortium of investors, the new owners have been searching for the right location to continue to develop the successful rail leasing business. The strategic location of The Point, close to Derby’s traditional rail centre and the rail companies they serve, was considered to be the best solution to the company’s current needs.
The Point is one of the biggest and most high profile developments ever seen on Pride Park. When complete, it will see the roll-out of an additional 300,000 sq ft of commercial accommodation. It is the first serviced office accommodation on Pride Park and is home to the Ramada Encore Hotel.
80% of phase one of The Point Office Village scheme is now sold or under offer. Only one unit now remains, which is available for sale or rent.
A planning application for the next phase has now been submitted with construction scheduled for the turn of the year.
Managing director of Porterbrook Leasing Company Limited, Paul Francis said:
“Porterbrook has been reviewing its accommodation requirements and the move to a quality development such as The Point will provide the company with fresh new facilities which are in the heart of Derby’s railway community. This will provide a strong platform for the company to develop in the future”.
Commenting on the deal, Chris Carlisle, managing director of Cedar House Investments, said:
“The Point is one of the most significant development opportunities ever seen on Pride Park and is continuing to attract high profile occupiers despite the current downturn in the market.
“Over the past ten years Cedar House Investments has developed more than 500,000 sq ft of commercial space on Pride Park, which stands us in good stead at a time when many developers are experiencing difficulties selling and letting property.
“I am delighted to be working with Porterbrook to help them relocate to a new location that will better serve them and their clients,” added Chris.
Cedar House Investments continues to extend its development programme across the Midlands and its portfolio now totals more than £75 million.
The company recently won the title of Commercial Developer of the Year at the East Midlands Property Dinner.
It includes high profile sites in Ashby, Rugby, Northampton, Corby, Tamworth and Stoke-on-Trent, along with the redevelopment of the 35 acre former Nestlé site in Ashbourne.
Agents for the scheme are Nick Hosking at Innes England on 01332 362244 and Russell Rigby at Rigby & Co on 01332 203377.
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