Construction begins on speculative Thorpe Park expansion
Work is underway on a speculative, out-of-town Grade A office development at Thorpe Park.
The 31,650 sq ft premium site, named Paradigm, is part of Thorpe Park Developments, backed by Scarborough Group International and Legal & General Capital. Last year, Legal & General Capital confirmed it would invest £162m in the joint venture.
The construction of Paradiagm is the first stage of a proposed 940,000 sq ft expansion. The existing business park at Thorpe Park includes 800,000 sq ft of space with more than 60 occupiers, including IBM, National Grid, Kier, Laing O’Rourke, Atkins, BAM and United Utilities.
A 1.35 sq ft mixed use development has also received planning consent. It includes a 300,000 sq ft shopping and leisure park with cinema, 300 homes, leisure and hotel space and 140 acres of parkland and sports facilities.
Mark Jackson, consultant at Scarborough Group International, said Paradigm is the first of a new generation of commercial buildings at Thorpe Park. JLL, Cushman & Wakefield and BNP Paribas Real Estate are appointed to market the site.
Jeff Peary, lead director for Yorkshire and the North East at JLL, said the market saw impoved demand for out-of-town offices in the last half of 2015. He said: “There is a real shortage of larger quality modern buildings and Paradigm is therefore arriving at the right time to satisfy this need.”
