UK-based Rockspring Property Investment Managers and its development partner, Exton Estates, have received planning consent for a new 9,600 m2 office development at The Arrows Site, Brooklands, Weybridge, Surrey.

The development scheme, named Velocity, will offer grade A office accommodation together with 370 car parking spaces. It has been designed as two independent buildings, arranged over five floors. Construction will commence imminently on site, with completion expected in autumn 2012.

Rockspring acquired the site in Weybridge in January 2011 from Mercedes Benz for £4.25 mln (EUR 7 mln) on behalf of the Rockspring UK Value Fund. The scheme is one of three speculative developments owned by the fund which are currently being constructed.

'Rockspring is funding a number of key office developments in London and the South East which will be on site this year. We are confident that in selected locations now is the right time to bring new product to the market, putting us ahead of anticipated competition,' said Richard Bains, Rockspring UK Value's fund manager.

Strutt & Parker and CBRE are retained as joint sole letting agents for the development.