MEPC - General - Heathrow, Langeley, Office Development

Date: 05 Aug 1998

MEPC buys offices at Heathrow Approach, Langley, for £28m

MEPC has agreed to purchase John Laing Property and Terrace Hill's office development, called Heathrow Approach. at Langley, near Heathrow in Berkshire. The acquisition involves circa £27.7 million, payable to the developers in two phases, with a third phase dependent on a successful letting.

lain Watters, director of MEPC plc, comments: "This is the second transaction we have announced this week involving nearly £130 million worth of investment in the M4 corridor, building on our strategy to create critical mass in key locations, while limiting our exposure to development risk In this case, both the construction and the initial letting risks are carried by the developers.

Heathrow Approach will consist of a five-storey 7,510 sq m (80,850 sq ft) high quality office building. with 348 car parking spaces. The developers. John Lain. Property and Terrace Hill, have recently obtained vacant possession of the site and expect to start construction in the autumn and will deliver the landmark headquarters office building in December 1999. The project. designed by architects Barton Willmore Partnership, was granted detailed planning consent by the London Borough of Slough in February this year.

Nathan Thompson, MEPC's UK director, comments: "Heathrow Approach is one of the most prominent undeveloped sites on the .M4 where demand for quality office accommodation is strong and forecast to remain high. The 1.5ha (3.7 acre) site is located immediately adjacent to junction 5 of the M4, opposite our existing holding at Axis Park. part of which has recently been prelet to The Post Office.

Hoddell Stotesbury acted for MEPC in this transaction and Ashton Independent and St Quinitin acted for John Laing Property and the Terrace Hill Group. Healey & Baker and Rogers Chapman have been appointed letting agents.

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