Construction of the seven-storey office building in the Basin Square neighbourhood of the £340million Chesterfield Waterside scheme is due to start in October.
Chesterfield Borough Council has secured a forward funding agreement with the developer, Chesterfield Waterside Ltd, as a key strategic investment opportunity for the town.
Funding for the delivery of the high-quality office building, which already has planning consent in place, was approved as part of Chesterfield Borough Council’s ambitious growth strategy. The investment is designed to kick-start the town’s economic recovery from Covid-19 and will spearhead major developments around the train station as part of the council’s HS2 Station Masterplan.
Tenants have already been secured for some of the Grade A office accommodation, enabling the developers to bring forward construction of the circa 35,000ft² building, which is being overseen by project delivery partner, Bolsterstone Group Plc.
Peter Swallow, Managing Director of Bolsterstone Group Plc, said: “Chesterfield Waterside continues apace. Since receiving planning approval for the office accommodation last year, I am delighted that we have been able to secure tenants and bring forward the delivery of high-quality office accommodation for Chesterfield in conjunction with Chesterfield Borough Council.
“It is an exciting time for Chesterfield Waterside with Avant Homes also building out new homes in the Waterside Quarter neighbourhood. Despite the pandemic, 2020 will be a formative year for the scheme with a significant amount of construction activity planned and more investment proposals in the pipeline, benefitting the local economy.”
The new office building, known as No.1 Waterside Place, will provide office accommodation of the highest specification. It represents the first step in delivering the commercial element of Chesterfield Waterside’s Basin Square neighbourhood.
Cllr Tricia Gilby, Leader of Chesterfield Borough Council, said: “We’re delighted to be bringing forward this state-of-the-art office building with Chesterfield Waterside Ltd., which will deliver supply chain opportunities for local companies during the construction phase and new jobs for local people with the companies that will be taking space at No.1 Waterside Place.
“These are uncertain times, but we must not stand still. We must continue to invest in this and other growth projects if we are to meet the council’s objectives of making Chesterfield a thriving borough and improve the quality of people’s lives. No.1 Waterside Place is just the start of what we believe will be a very special journey for the people of this great town and borough.”
Construction of the offices is expected to be completed in August 2021. Britcon (UK) Ltd, a leading Civil Engineering, Building and Steel Frame Solutions company, has been appointed as the main contractor to construct the office building.
As part of the contract with Chesterfield Borough Council, Britcon will utilise local labour and local contractors across the whole build process and will also be working closely with Chesterfield College to provide opportunities for their students.
No.1 Waterside Place will boast two passenger lifts, raised access flooring, air conditioning, LED lighting, a high-quality entrance foyer, showers and cycle parking facilities onsite.
Chesterfield-based accountancy firm BHP Chartered Accountants, a Sunday Times Top 100 Employer, will occupy an entire floor within the building. The firm will be relocating its Chesterfield office to No.1 Waterside Place to benefit from the high-quality specification and unparalleled location at Chesterfield Waterside.
Planning approval for the office building, which was designed by Bond Bryan Architects, was granted by Chesterfield Borough Council last year bringing forward commercial negotiations with BHP alongside other tenants who are also in advanced discussions.
As well as office accommodation, the building also offers ground floor retail space and Chesterfield Waterside Ltd. is already in discussions with a number of potential occupiers.
The new large-plate office accommodation is designed to complement the start-up and incubator units at Chesterfield Borough Council’s Enterprise Centre scheme, which is currently under construction at Saltergate.
Currently, Chesterfield lacks high quality, large floor plate office space, which limits expansion opportunities for existing businesses within the town and inward investment opportunities for businesses looking to re-locate from other areas within the UK.
The anticipated requirement of occupiers in the ‘post COVID-19 world’ for higher quality office space that supports socially distanced and agile team working would also be met by the new office building.
It is also anticipated that the new offices will be highly sought after by organisations looking to move out of larger cities such as London, Manchester and Birmingham and establish regional hubs around mainline train stations in an effort to COVID-19 proof their operations.
Basin Square is the first commercial element of Chesterfield Waterside. When complete, the £75m Basin Square neighbourhood will also see the delivery of 320 Built-to-Rent apartments, a hotel and multi-storey car park, all sited around a high quality public realm area overlooking the already constructed canal basin.
This latest step forward for the project follows the announcement that Avant Homes has opened the showhomes at the Waterside Quarter neighbourhood where it is building 174 two, three, and four-bedroom homes. Avant reports strong interest in the development and has already taken a number of reservations.
Recognised as being one of the UK’s largest regeneration projects, Chesterfield Waterside is being led by Chesterfield-based Bolsterstone Group Plc working in conjunction with Arnold Laver Group and Chesterfield Borough Council.
FHP Property Consultants and Knight Frank have been appointed as letting agents for the office space at Chesterfield Waterside.
