Despite several occupiers either downsizing their office requirements in Egham or moving elsewhere, and a proportion of the town’s office provision being converted for residential or alternative uses, we believe the town is on the cusp of an office market resurgence, thanks in part to its multimillion-pound town centre regeneration project.
The £90 million mixed use development at Magna Square, formerly known as Egham Gateway West, comprises over 100 new apartments, with affordable housing provision and retail space which is now complete.
The development, managed by Places for People on behalf of Runnymede Borough Council, has delivered a high-quality public realm connecting it to the rest of the town centre.
It plays host to a four-screen Everyman cinema, a new Budgens store, 67 private apartments, 34 affordable homes plus an additional 10,700 sq ft of new commercial space at ground floor. One of the new build residential blocks also provides 100 rooms for students studying at nearby Royal Holloway, University of London.
But what does this have to do with the office market?
Well, the scheme has allowed a sense of vibrancy to return to Egham, delivering a 15-minute neighbourhood which has resulted in increased footfall in the town centre, owing to the mix of residential and student accommodation, and a much-improved retail and leisure offer.
This, together with the new public realm at Magna Square, has created a much more desirable place for business to locate to, and the office rents aren’t too bad either.
Sitting at around £30.00 psf for Grade A space, Egham is particularly cost-effective for the smaller occupier, where Staines has increased to £39.50 psf and Windsor at mid-£40s psf.
It has all the benefits of not being situated directly on the Thames with the rental increases that brings, as well as a smaller range of office stock which is perfect for the SME occupier.
Situated next to the M25 and with direct train services to Richmond, Clapham Junction, Waterloo and Reading all within 40 minutes reach, it has a lot of offer the more than 63,000 businesses currently located in Surrey.