Bank Support for Woking One Redevelopment
A joint venture between Palmer Capital and property specialist Wrenbridge has secured support from NatWest for the redevelopment of Woking One.
Woking One acts as a gateway between Woking Railway Station and the town centre. The scheme will provide a mixed-use destination, providing approximately 35,000 sq ft of grade A office space, as well as new leisure and retail facilities.
Wrenbridge and Palmer Capital have been working with Woking Borough Council to re-model the external structure of Woking One to make it more attractive for residents and visitors.
The development is a key part of the local authority’s plan for the continued regeneration of the area.
NatWest has provided a £7m speculative development facility to support Wrenbridge and Palmer Capital’s plans.
Chris White, director at Wrenbridge, said: “The proximity to the station means that Woking One is positioned to offer unrivalled connectivity to London from Woking.
“The location, combined with the high specification of the offices and amenities including the new restaurants will ensure that Woking One appeals to a breath of occupiers,” he added.
Lee Franklin, NatWest’s head of structured real estate lending, said: “The redevelopment of Woking One is a great opportunity to bring more business into the town.
“As an established commercial centre less than 30 miles from Central London, it is also vital that Woking enhances its transport and infrastructure links to bring further economic benefits to the area.”
Woking One was formerly known as Albion House and was last redeveloped in the 1980s. Work is expected to be completed in spring 2018.