Columbia Threadneedle Real Estate Partners, on behalf of Balanced Commercial Property Trust, has lodged plans for a change of use from offices to medical at 3 The Square, Canon's former headquarters at Stockley Park in west London, one of the UK's largest office campuses.
Plans for a change of use from Class E to C2 for the Arup-designed 98,000-square-foot building have been submitted to London Borough of Hillingdon.
Charles Dady, International Partner and head of National Office Leasing at Cushman & Wakefield, confirmed that C&W is advising on the proposals and commented: “Columbia Threadneedle Real Estate Partners will be targeting private and public sector demand for medical uses, particularly post-operative care, owing to the significant under provision of such services across the UK, as well as the ability for office buildings such as 3 The Square to be repurposed to higher value alternative uses. The proposals are being considered by Hillingdon council, which last year approved plans to redevelop Hillingdon Hospital as an 800,000 square foot plus community health campus.”
Stockley Park, close to Heathrow and the M4, comprises 1.5 million square feet of offices and, according to the planning documents, has around 47% vacancy, the highest in the park's history, underscoring the need to diversify its occupier base.
The building has been vacant for two years since Japanese imaging solutions group Canon moved to The Bower, elsewhere on the park.
In talks with Hillingdon council, the design has been drawn up by Hale Architecture to repurpose the building as a post-operative medical care facility within its own landscaped gardens.
The building could house specialist facilities and spaces such as overnight guest rooms, consultation and treatment areas, dental care facilities, pharmacy, radiology and MRI suites, a gym and physiotherapy centre and a hydrotherapy pool.
CoStar News revealed in 2021 that Canon was to relocate from 3 The Square and other offices consolidating in to 151,000 square feet at The Bower in the biggest letting at Stockley Park for 30 years, and what was then the largest in the Thames Valley for more than six.
Clearbell Property Partners II, a fund managed by Clearbell Capital, and Patrizia, subsequently sold The Bower to Sidra Capital for £74 million or a 7% yield, as first reported by CoStar News.