Opus completes £8m Veolia HQ
Midlands development company Opus Land has handed over its £8m Kingswood Lakeside scheme in Cannock. Recycling and waste management company Veolia Environmental Services will now move into the 47,000 sq ft site.
To fund the new premises, development finance vehicle Palmer Vinci Fund was launched as a 50:50 venture by Vinci Construction and Opus Land Developments.
The funding model was designed to provide 100 per cent development finance for pre-let, new commercial projects.
Located on a 3.1 acre site, the property was completed in ten months by Vinci Construction before its acquisition by the Palmer GVA Fund.
Kingswood Lakeside had a purchase price of about £8m.
Gareth Williams, Opus Development director and founder of the Palmer Vinci Fund, said: "This scheme has been a huge success for all parties involved.
The occupier’s requirements – to consolidate its 280 Midlands’ staff in a single, flexible space, with provision for a 30 per cent increase in future numbers - has been met in an energy efficient way, as well as incorporating on-site conferencing and catering facilities, a gym and requisite parking.
"At the same time, this scheme has helped create a unique funding solution to meet the needs of other occupiers seeking premises in a market starved of development finance."
Veolia has now relocated all of its Midlands staff to the site.
GVA acted for Veolia on the deal.
