Kingsbridge – developing exceptional spaces

Bottle Works has been part of the Guildford city centre landscape for decades. Once the home of the Unigate Dairy, it is now a stunning new office development that captures the ethos of developer Kingsbridge – creating exceptional buildings that meet the highest environmental standards.

Kingsbridge Chief Financial Officer Paul Butler and Asset Manager Rachel Lacklison share the journey of the Bottle Works and their passion for best-in-class sustainable office and industrial buildings with Kreston Reeves.

Kingsbridge is a privately owned developer headquartered in Chichester, West Sussex which develops large industrial buildings and warehouses and best-in-class office spaces. Its projects extend along the South Coast, and throughout the wider South region.

“We are hands-on developer, deploying our own capital as well as partnering with equity and debt funds, into development projects,” says Paul Butler, Chief Financial Officer at Kingsbridge. “This has allowed us to build a strong reputation for highly sustainable buildings, caring for the environment and the communities in which we work. There is a strong focus on sustainability in all our projects.”

The office market has undergone a fundamental change over the last four years. In the aftermath of the Covid pandemic and a wholesale shift to remote and hybrid working, it was a bold decision to commit funds in the office market in 2021.

But, as employers and employees realise the value and benefit of having teams under one roof, even for just three or four days a week, Grade A office space is seeing a resurgence. Kingsbridge’s office projects are located in or close to city centres, and designed to have exceptional sustainability credentials, collaborative working spaces, and employee-centric amenity space.

“There is greater focus on the quality of office spaces,” says Kingsbridge’s Asset Manager Rachel Lacklison. “Amenity space and high levels of sustainability are at a premium and are supporting strong rental growth.

“That does mean however, office spaces need to be actively managed, with higher spend on office fit-out, improving energy performance and delivering the highest BREEAM ratings. Discerning tenants demand and are prepared to pay a premium.”

This is a sector of the market where South Coast developer Kingsbridge has made its mark – and no more so than Bottle Works in Guildford.

Bottle Works

Kingsbridge acquired the Bottle Works in 2021, at which time it was fully occupied by Clyde & Co, who had plans to relocate. Following Clyde & Co vacating, the developer executed plans for a complete redevelopment of the building.

“At the time we were looking for a best-in-class location in a town with strong dynamics and restricted office supply,” explains Paul, “and that is what Guildford offered.”

Rachel continues: “Guildford is undersupplied with office space and businesses were actively looking at moving out of the city due to the lack of new Grade A space.”

Bottle Works was, until the 1970s, the bottling plant for Unigate Diaries, supplying milk across Surrey and Sussex. Kingsbridge has taken the building back to its shell and core, reconfigured its entrance to reflect the city centre location, brought in more natural light, adding a business lounge, bicycle storage and shower rooms and completely replaced the M&E.

Today, it offers 40,000 sq ft of grade A office space, having taken the building from an energy performance rating E to the highest possible for the building, EPC A while also achieving BREEAM Excellent, Fitwel 2 star and Wiredscore Gold.

“Bottle Works reflects the changes in the way we work,” says Rachel. “There is the ‘pull factor’ with usable outside amenity space and the Guildford town centre a short walk away.”

On completion in September 2024, space in the building has been let to occupiers including accountants BDO, lawyers Penningtons Manches Cooper and design and build contractor Oktra South. “These are businesses that already had a strong footprint in Guildford and have chosen to upgrade their office space,” says Paul.

“As a trading developer, we believe investor confidence is, returning, driven by the lack of good office supply across the region, and we are confident we will see the benefit. There is opportunity in the top end of the office market.”

Kreston Reeves

Kreston Reeves and Kingsbridge have built a strong relationship over the past 10 years, with the firm providing a wide and growing range of advice and support as the developer’s business has grown in scale and complexity. But what sets Kreston Reeves apart is its ability to take a holistic view across both the business and its sustainability.

The firm provides a deep understanding of the commercial real estate sector, the complexities of the tax and compliance landscape for the business and its projects and, importantly, the impact on the tax position of its founder.

“The tax landscape for privately owned developers is complex and challenging, and having a firm of advisers that can take a holistic view across the entire business, and beyond to the owner, is hugely important,” says Paul.

It is a relationship built around regular contact, with structured quarterly meetings that keep the seven-strong team of tax and compliance specialists at Kreston Reeves abreast of strategy and planned activity, alongside more informal contact to address the day-to-day needs.

“We spend a lot of time with the Kreston Reeves team, particularly Daniel Grainge, Jo White and Richard Spofforth, and have a terrific relationship with them,” adds Paul.

It is, says Daniel Grainge, the lead client tax partner at Kreston Reeves, a close relationship with a high degree of proactivity. “We will, for example, scenario plan the impact of the government’s tax policy, and the structure of individual developments to ensure the tax position of the group is optimised, and aligns with the overall strategic objectives of the group and its owner.”

There is a close alignment too in the values shared by Kreston Reeves and Kingsbridge. “It is encouraging that the firm shares the same values as us towards sustainability,” explains Paul. “There is a good understanding between us.”

To learn more about Kreston Reeves and how we can help you and your business, contact us today.

Related resources

www.kingsbridgeestates.co.uk

www.kingsbridgeestates.co.uk/projects/bottle-works-guildford