Gladman Developments has started work on a 51,105 sq ft speculative office scheme in Stratford-upon-Avon, which is expected to create up to 500 jobs when completed.
The new £7.5 million office scheme, on a site on Timothy's Bridge Road close to the junction of Bishopston Lane, will be called Cygnet Court.
Cheshire-based Glad-man Developments is building office suites ranging from 330 sq ft to 2,220 sq ft in an 'office village' development, as well as a stand alone building of 5,127 sq ft and two buildings of 10,070 sq ft.
According to Romy Silvers of Gladman Developments, Cygnet Court will meet demand for new high specification offices both from local organisations and footloose regional companies looking for both freehold and leasehold space.
"We are responding to increasing occupier demand for office locations that provide a mix of high-quality modern specification accommodation together with good levels of car parking and, via the nearby A46, excellent access to the motorway network," she said.
The small office suites in the office village at Cygnet Court are specially designed to meet the needs of start-up companies and fast growing enterprises, allowing them to take on more office space as they increase in size.
Ms Silvers said: "They are designed and fitted to enable new tenants to move in and be operational quickly.
"Typically we attract a wide range of occupiers to our developments, ranging from government and other public sector organisations to the fast growing software, technology and service sectors of the economy.
"Once the whole development is occupied, we expect it to be the workplace for more than 400 people.
"Demand by occupiers and investors for freehold commercial property by has increased dramatically in recent years, due to low interest rates and investors concern over alternative asset classes to invest in. Commercial property is continuing to offer investors the prospect of both capital and rental growth coupled with potential tax shelters if acquiring premises to be retained within a SIPP."
Cygnet Court is Gladman's 45th speculative office scheme in England and Wales in the past five years. The company invests more than £100 million per year building new offices and presently has more than 1,000,000 sq ft under construction.
But unlike many other developers, Gladman has started work without having first secured tenants.
"We always build speculatively, as we know that this is the best way to attract new companies to our offices and new employers to an area," said Ms Silvers. "In today's fast moving business environment, larger companies cannot wait for buildings to be specially built for them and smaller firms will go to where accommodation is ready."