Work begins on new Opus development
The developer of Warwick’s flagship Opus 40 business park development, Opus Land, has obtained planning consent for an additional 260,000 sq ft of office accommodation. Managing director Richard Smith told Insider that work on the infrastructure of the development has begun, and will be completed in between 12 and 18 months.
The planning consent will nearly double the Opus Business Park office space.
Smith says that while the development is going well, its success will, in part, depend on the pre-let applications it receives.
“We have had interest in the building, but obviously it’s a tough time,” said Smith. “The number of interested occupiers is down; the number of occupied buildings is down. I think this is a trend we’ll continue to see for the next two years.”
The new development will comprise four separate buildings ranging from 30,000 sq ft to 80,000 sq ft in size.
Although Opus Land is feeling the pressure of the downturn, it has survived in a climate where many others have fallen. Smith says that the company’s success is attributable in part to its structure.
“The business is part owned by Palmer Capital Partners, and through them we have access to funding. We’re luckier than most, as we do have a lot of cash to spend”, he says. “And of course, the big problem in our game is getting money.”
Bromwich Hardy, based in Coventry, and GVA Grimley, which has an office in Birmingham, are the joint agents on the scheme.
