HIGH street trade is set for a welcome boost after one of Chelmsford's biggest employers announced it is relocating its 600 staff to Witham – the biggest office letting in Essex for 10 years.
Cofunds, a leading financial firm, is leasing Mayland House, a 66,000 square foot office block owned by Braintree District Council.
The firm are set to spend more than £10 million on revamping the 4.2 acre site, which is set to be the biggest refurbishment outside of London in 2013, with local contractors expected to benefit from the development, while 50 new jobs will be created.
"We've grown pretty rapidly over the last 10 or 11 years and we are pretty squashed at our existing site," said Alastair Conway, Sales and Marketing Director at Cofunds.
"We needed a site that could cope with the numbers of people we anticipate to have over the next 10 years.
"There was nothing we felt was viable for us as a business in Chelmsford and Mayland House fitted the bill."
The building on Mayland Road, which includes a 304-space car park, was given to the council in June 2010 as part of a deal with insurance giant March and McLennan, when the firm surrendered its 125-year lease.
It remained empty until December 2011 and cost the Braintree council tax payer more than half a million pounds in upkeep costs, before an insurance company took over a single floor, bringing with them 30 staff.
Councillor Graham Butland, Leader of Braintree District Council, said: "This is great news for the district.
"Despite the current challenging market conditions, we have been able to negotiate what we are advised by our property agents is the biggest office letting in Essex for 10 years."
The deal takes the white elephant off the council's books and looks set to generate £450,000-a-year for the local authority.
Councillor Lady Patricia Newton, Cabinet Member for Planning and Property, added: "The introduction of a 600-strong workforce to Witham is very good news and is sure to give a welcome boost to the town's trade.
"It's good news too for residents across the district as it will generate much needed revenue to support our other services."
Cofunds, the UK's largest investment platform, which looks after £46 billion for 800,000 investors, has signed a 15 year lease from March 2013 but will move in later in the year after the refurbishment.
Martin Davis, Cofunds CEO, said: "Our architects are working on some exciting designs for the extensive refurbishment of Mayland House and we see great potential for really putting our mark on the building to make it a 'home'.
"We're very much looking forward to working with local businesses so we can really be a part of the Witham community."
The existing tenants, Randall & Quilter, will remain in the building as a sub-tenant of Cofunds.
