River Island chairman to turn offices into warehousing

By Liza Helps Property Editor Logistics Matters

THE OFFICE property on Globe Business Park has been empty since 2012 and its owner BC BBU has submitted a planning application to the Buckinghamshire Council for is demolition and redevelopment as a BBU (business box unit) and warehousing scheme.

BBU are small commercial units, focused on the needs of high value companies and enterprises who require high-quality accommodation with flexible leases that are adaptable and thus can be made to suit their specific operation. According to the planning statement by Lichfields the proposed specification of the BBU is to ‘shell and core’ to enable a range of fit-outs and uses to include office, design, research and development, laboratory, innovation, clean assembly, or a warehouse/showroom or a mix thereof.

The units are designed to be relevant to the specific contemporary needs for SMEs and local satellite bases for large UK and international companies. The units are only available to lease on flexible terms with a ‘hands-on’ team to provide the estate management to maintain the quality of the site operation.

BC BBU is in the process of completing a legal agreement with Guildford Council for a BBU scheme at Woodbridge Meadows – this being the first BBU scheme in the UK – to allow planning permission to be granted. The Globe Park scheme will therefore provide the second BBU scheme in the country.

It is proposed that there would be 12 BBUs totalling 17,000 ft2 and a 34,000 ft2 standalone warehouse built to a BREEAM Excellent and EPC A rating.

The scheme would provide 68 direct jobs over the construction period as well as 82 supply chain jobs and an additional £14.4 million in Gross Value Added (GVA). According to the planning statement submitted once operational the proposed scheme could support a further 63 jobs as well as a further 28 indirect and induced jobs and £4.7 million GVA each year and a further £2.1 million of indirect and induced GVA per annum.

The proposals have been put forward by BC BBU, part of Blue Coast Capital whose Chairman Clive Lewis is also chairman of fashion retailer River Island.

The origins of Blue Coast Capital lie in post-war retailing. Founders of the iconic 60s retailer Chelsea Girl and later River Island diversified their portfolio of businesses to include real estate, private equity, hotels & leisure, and other consumer driven businesses.

Blue Coast Capital stands separate from River Island and is a privately owned business.