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Cromwell and SDA sell first office building at Kildean Business Park to Aviva

Home Cromwell and SDA sell first office building at Kildean Business Park to Aviva

12/03/2021

Real estate investor and manager, Cromwell Property Group (Cromwell), has announced that it has sold the first office building at Kildean Business Park for £22 million to Aviva Investors on behalf of the Stirling Development Agency (SDA), Cromwell’s joint venture with Stirling Council.

Cromwell’s Head of UK, Matthew Bird, commented, “The office development at Kildean Business Park is a great project, which we believe provides a template for future office developments in the future and adds to Cromwell’s significant pipeline of development projects throughout Europe and Australia.”

“Upon completion, the building will incorporate a range of measures to ensure staff wellbeing and is designed to score highly against a number of key environmental and sustainability benchmarks.”

“We are delighted to have been able to complete this transaction with Aviva Investors, which marks another important milestone in our long-term strategy with Stirling Council and the Stirling Development Agency. Cromwell has been retained by Aviva to undertake the development and benefit from Cromwell’s 40-year track record in the UK and European development in the office, logistics, living and mixed-use sectors,” concluded Mr Bird.

With an estimated completion date of mid-2022, the 77,000 sq ft (7,150 sqm) building is part of a series of planned developments at the 340,000 sq ft (31,600 sqm) business park located near Stirling, an area traditionally popular with financial services and life sciences companies in Scotland’s Central Belt.

The building has been designed to meet stringent ESG objectives and is targeting a BREEAM ‘Excellent’ rating, in part through the use of a number of zero and low-carbon technologies. The business park links into the local cycle network and ample covered cycle spaces, lockers and shower facilities will be provided within the building.

Cromwell announced in January 2021 that M&G Plc signed a 20-year sole occupancy lease for the building.