A new division of Galliard, called Evolve, has a £100m war chest to develop workspace units. It is targeting commercial property investors and companies needing small and medium sized units to rent or purchase.
The first Evolve scheme is in Colchester, 50,000 sq ft two-storey Travelodge-style development offering 90 office units, with five other standalone traditional office buildings planned as phase two.
Two other Evolve projects are in the planning pipeline: a 50,000 sqft development offering 90 small business units on two-acre site in Milton Keynes; and 36,000 sq ft development offering 45 business units in Watford. Over the next five years Evolve plans to build work space schemes across London and the home counties.
Galliard Group executive chairman Stephen Conway said: “For over 25 years Galliard has helped young professionals and individual investors in the housing market get onto the property ladder. This launch of Evolve moves our buy-to-let investment work into the commercial property sector, providing investors with a value-for-money opportunity to acquire units for rental investment, alongside enabling small firms wanting to rent or buy work spaces to get onto the commercial ladder and move into a vibrant business community complete with lifestyle facilities.”