Canon to move to upgraded headquarters at Stockley Park

3.08.2021

Clearbell Property Partners II LP (Clearbell), a fund managed by Clearbell Capital LLP, together with PATRIZIA, a leading partner for global real assets, today announces it has let the entirety of The Bower at Stockley Park to Canon for its UK and European headquarters.

Canon will take the full 151,000 sq ft of The Bower, which is Stockley Park’s largest self-contained building. The company is upgrading to the Grade-A space from its current headquarters, which is also in Stockley Park. It marks the biggest letting at Stockley Park for 30 years, and the largest in the Thames Valley for over six years.

The asset has undergone comprehensive refurbishment in recent years, which involved a back-to-frame renovation to deliver a highly sustainable, BREEAM Excellent and EPC A asset.

Clearbell and PATRIZIA acquired The Bower as a joint-venture with plans to redevelop the space to meet demand for Grade A office space in the South East. The site also stands to benefit from key infrastructure improvements, including the Crossrail project. It is already well-located near to Heathrow, the M25 and the M4.

Dominic Moore, Head of ESG and Asset Management at Clearbell Capital, said:

“Canon’s decision to move its headquarters is testament to the quality and versatility of the asset.

It also represents a vote of confidence in the future of the office. With restrictions easing, businesses and their employees are keen to return to their workplaces but are also reassessing their needs. Landlords that can offer space with the opportunity for collaboration and connection, as well as stringent hygiene and safety procedures, will have the upper hand.”

Nick Taylor, Director Asset Management at PATRIZIA, added:

“We are proud to have secured a world-class tenant like Canon for this attractive asset close to Heathrow Airport. Not only is this a sign that the office market in and around London remains resilient, but for our clients invested in our PATRIZIA UK Value II Fund this is very good news. It marks the successful completion of the last remaining major business plan target for the Fund and unlocks a material improvement in value.”

Charles Dady, Head of National Office Leasing at Cushman & Wakefield, commented:

“A letting of such scale at this time is a major vote of confidence in the Thames Valley market and further evidence of the critical importance of the office to major occupiers.”

Cushman & Wakefield, CBRE and DTRE acted for Clearbell & PATRIZIA . Re-Creations advised Canon.