Feature

The Point Attracts Another High Flying Business

2nd April 2009

Leading regional developer Cedar House Investments is bucking the current market trend with the announcement of another deal at The Point Office Village, its new high profile mixed use scheme on Pride Park.

Universal bank, Handelsbanken has become the latest high profile business to relocate to new headquarters within The Point, Cedar House Investments’ £50 million mixed-use scheme, which is being developed on the site of the former Bombardier bogie and signalling works to the west of Pride Park.

Handelsbanken, which was founded in Sweden in 1871, is one of the largest Nordic banks, with more than 700 branches worldwide. The company provides personalised banking services to both corporates and individuals.

The bank’s new headquarters will occupy a 2,000 sq ft unit at The Point, which forms part of its on-going expansion plans within the UK.

The Point is one of the biggest and most high profile developments ever seen on Pride Park. When complete, it will see the roll-out of an additional 300,000 sq ft of commercial accommodation. It is the first serviced office accommodation on Pride Park and is home to the Ramada Encore Hotel.

80% of phase one of The Point Office Village scheme is now sold or under offer. Only one unit now remains, which is available for sale or rent.

A planning application for the next phase of the scheme has been approved, with development set to commence on phase two later this year.

Commenting on the move, Andrew Tomlinson, branch manager at Handelsbanken Derby said:

"The Point was an obvious choice for our Derby branch, with its impressive profile.

"Handelsbanken now has close to 62 branches throughout the UK and The Point, with its central location and high quality office facilities, made it the ideal location for our new Derby office," added Andrew.

Chris Carlisle, managing director of Cedar House Investments, added:

"The Point is one of the most significant development opportunities ever seen on Pride Park and is continuing to attract high profile occupiers despite the current downturn in the market.

"Over the past ten years Cedar House Investments has developed more than 500,000 sq ft of commercial space on Pride Park, which stands us in good stead at a time when many developers are experiencing difficulties selling and letting property," added Chris.

Cedar House Investments continues to extend its development programme across the Midlands and its portfolio now totals more than £75 million.

It includes high profile sites in Ashby, Rugby, Northampton, Corby, Tamworth and Stoke-on-Trent, along with the redevelopment of the 35 acre former Nestlé site in Ashbourne.

Agents for the scheme are Nick Hosking at Innes England on 01332 362244 and Russell Rigby at Rigby & Co on 01332 203377.

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