Powell Williams upgrades new Cube acquisition
Powell Williams has been appointed to carry out internal and
external improvement works on Technology House, Bedford which was
newly acquired by Cube Real Estate on behalf of Cubemaker
Properties, part of the BP Pension Fund.
The building has 120,000 sq ft of interior space and served
for many years as an office facility for various companies within
the ITV group. Central Bedfordshire Council moved in to part of the
building in July 2010 and occupies approximately 50,000 sq ft of
the available space.
The unoccupied areas of the building are to be subject to a
comprehensive refurbishment programme, project managed by Powell
Williams. The works include:
. Upgrading of the reception and 'public spaces'
. Creation of a second entrance on the ground floor
. Advice on the relocation of the restaurant and refreshment
On behalf of the vendor, Powell Williams is also delivering a
series of external improvements including:
. Drainage works
. Completion of a new 500-space car park
Powell Williams is familiar with the building, having previously
advised Carlton Communications on its own refurbishment programme
Jonathan Lawes from Cube Real Estate said: "The purchase of
Technology House was one of three acquisitions we made for
Cubemaker from Carlton Communications, two of which have been
leased back to ITV. This property offered a different proposition,
as it is ideally placed to meet the rising demand for high quality
office accommodation from the local market. We believe that our
programme of improvement works will help us to attract new tenants
and release the true value of this building as a commercial
Cubemaker Properties is a ÃÂ£100m investment fund administered by
Estate in partnership with Ropemaker Properties Ltd, the
property investment arm of the BP Pension Fund.