KAO PARK NEWS_
New science and technology campus unveiled in Essex
September 29, 2015Goldacre Ventures has unveiled Kao Park, a new science and technology campus located in Essex along the London-Stansted-Cambridge-Corridor, and confirmed two significant office pre-lets totalling 110,652 sq ft to defence and electronics innovators.
Kao Park will be the first part of the Harlow Enterprise Zone to be delivered and, when fully developed, it will represent an investment in the region of £200m in the 35-acre site. Previously home to Nortel Telecommunications, the site will be transformed into a new 21st century centre for discovery capable of generating an annual income north of £60m per annum when complete.
Kao Park will be the only campus within 30 miles of London to combine 215,000 square feet of Grade A office accommodation and a state-of-the-art data centre within a newly landscaped business park. In addition, the Kao Park data centre will be one of the largest campus data centres in the UK when it comes on stream.
Defence innovation specialist Raytheon UK, a subsidiary of Raytheon Company, and global electronics supplier Arrow Electronics have, in separate deals, signed 15-year leases to take just over 55,000 sq ft each at the Kao One office building. Kao Park is now 60 per cent let ahead of the first completion.
Raytheon will base its UK research and development department within its new Technical Centre of Excellence at Kao Park and is making a £25 million long-term investment in the facility to create a modern and inspiring workplace. Raytheon intends to grow its capability in the UK and employs nearly 380 members of staff at its current site on the Pinnacles Industrial Estate in Harlow. Its new facility will create expansion potential for more than 500 employees when the company takes occupation in mid-2016.
Arrow Electronics, which currently occupies an existing building on the London Road South site that is being redeveloped to create Kao Park, will be moving its operations to newer and larger premises. Arrow Electronics is a global provider of products, services and solutions to industrial and commercial users of electronic components and enterprise computing solutions.
As part of its ongoing commitment to the development of the Harlow Enterprise Zone and the M11 growth corridor, the Government’s Homes and Communities Agency has invested £2.5 million in site clearance and infrastructure upgrades to help accelerate this important development. Harlow Council has also provided a loan of £2.5 million to invest directly in site utility upgrades.
Infrastructure works commenced on site in December 2014 to upgrade the power supply, build new access roads and refurbish existing office buildings. By Q3 2016, the first data centre modules will be on stream and the Kao One office building will be ready for occupation. The Kao Two office building and further data centre modules will be delivered through 2017.
Goldacre was advised by CBRE and Lee Barron on the lettings. Agents are expected to be appointed on the data centre later this month.
Comments are closed.