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 facilities

On behalf of the vendor, Powell Williams is also delivering a series of external improvements including:
. Lighting
. 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 in 2010.

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 asset."

Cubemaker Properties is a £100m investment fund administered by Cube Real Estate in partnership with Ropemaker Properties Ltd, the property investment arm of the BP Pension Fund.

technology house


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