BlackRock acquires Bedfont Industrial Estate

 

 

 

 

Contact: Stephen                                  White                                                                 +44 (0)207 743 1299 stephen.white@BlackRock.com Tom Willetts, FTI Consulting +44 (0) 20 7269 7175 tom.willetts@fticonsulting.com

BlackRock acquires Bedfont Industrial Estate

21 August 2013, London – The BlackRock UK Property Fund has completed the acquisition of the Bedfont Industrial Estate from Trehaven Group for £24 million.

The 17 acre site is located one mile to the south of Heathrow Airport and the BA World Cargo Centre. The Estate is currently operated as an open storage site but has planning permission for redevelopment to provide 300,000 square feet of industrial/distribution accommodation. BlackRock was advised by Tudor Toone, Doherty Baines and Graftongate.

Justin Brown, Portfolio Manager for the BlackRock UK Property Fund, said, “The Bedfont Industrial Estate is a well located site with a significant number of options for the Fund to pursue in the forthcoming months. We are excited about the prospects for its future performance within the BlackRock UK Property Fund.”

The BlackRock UK Property Fund invests in a diversified mix of real estate including traditional and alternative property assets. In May, BlackRock (NYSE:BLK) announced it has entered into a definitive agreement to acquire MGPA, the independently-managed private equity real estate investment advisory company in Asia-Pacific and Europe. The planned acquisition will make BlackRock a global real estate investment manager, with pro forma assets under management of approximately $25 billion as of March 31, 2013 and substantial investment teams in the world’s top six markets.

 

Ends

 

For further information please contact:

Stephen White, EMEA Media Relations, BlackRock

+44 (0) 20 7743 1299

Stephen.White@blackrock.com

 

Tom Willetts, FTI Consulting

+44 (0) 20 7269 7175

tom.willetts@fticonsulting.com

For further information at dohertybaines, please contact David O'Donovan

 

 

 

TO LET BRAND NEW WAREHOUSE INDUSTRIAL UNIT, TUDOR GATE, PARK ROYAL, LONDON NW10 7UY

To Let

Unit 1 Tudor Gate is a 24,878 sq ft (2,311 sq m) self-contained new unit on a prominent site with exceptional access to A406, A40, the national motorway network and central London. The unit will provide 20% energy from renewable sources including a photovoltaic system and air-source heat-pumps, together with energy- saving initiatives including external LED lighting.

View virtual tour Find out more

Bestseller

dohertybaines Project Management recently completed the Cat A to Cat B fitout of 10 Fashion Street for Danish based fashion brand Bestseller Wholesale UK. The scheme was at 10 Fashion St, a Grade II listed building near Brick Lane and was just under 10,000 sq ft over two storeys. Challenges included negotiating the Listed Build Consent and the inclusion of high quality, bespoke finishes.

 

db's Corporate Services and Office Agency teams located the space for the client and negotiated the lease whilst the Building Surveying team provided advice on the existing structure and services.

 

 

For further information, contact Matt Schaaf.

Lyreco stock up at Mowlem

Lyreco, the office supply distributor have just acquired 19,001 sq ft of industrial space on Mowlem Trading Estate. The total sq ft was spread over units 21 and 22 and was agreed on a new five year term.

 

Mowlem Trading Estate is a successful trade counter industrial scheme in North London with a variety of trade counter tenants and other occupiers serving the City and North London.

 

For more information please contact Paul Londra.

2 Units sold Trade City Business Park, Uxbridge

dohertybaines have sold two more units at Kier's successful Trade City Business Park scheme in Uxbridge.

 

Unit 5 was sold to Esseff Furnishing Company Pension scheme, and was approximately 2,045 sq ft in size.

 

Unit 9, at 4,155 sq ft, was sold to GVE London

 

There is now only one unit available on the development, unit 11 at 3,627 sq ft whilst unit 4 (2,045 sq ft) is under offer.

 

Please see www.trade-city.co.uk or call dohertybaines for more information.

Office and Sheds Planning Changes

The recently talked about change of use legislation is now confirmed by planning minister Nick Boles as coming into force on 30th May.

 

Mainly the introduction of permitted development rights for change of use from B1(a) offices to C3 residential purposes, meaning that a full application for the change of use will not be required (although applications will still be needed for material changes to buildings but these will be viewed in light of the use being permitted, making life much easier).

 

11 London Boroughs have been allowed to opt out. These are:

• City of London
• Camden
• Islington
• Hackney
• Tower Hamlets
• Southwark
• Lambeth
• Wandsworth
• Westminster
• Newham
• Royal Borough of Kensington and Chelsea

It's worth noting that 30 of the 33 London Boroughs applied for an exemption for some or all of their areas, so it's clear that the Government are keen to make sure this legislation actually does encourage significant development. Change of use is not out of the question in the 11 boroughs above, and it will still be suitable for certain properties outside of core commercial areas.

 

If you have commercial buildings in the other London Boroughs (or other parts of the country except for Vale of the White Horse in Oxfordshire, Stevenage, Ashford and Sevenoaks, East Hampshire, and Manchester who have also been allowed to opt out) then there has, and probably never will, be a better time to get a residential consent in the bag.

 

Also announced was an increase in the threshold for permitted development rights for change of use from B1 business or B2 general industry to B8 storage and distribution, and from B2 or B8 to B1, from 235 square metres to 500 square metres.

 

Relaxed permitted development rights allowing larger extensions to homes, offices and shops are also included in secondary legislation.

 

For further information, please contact John Fosbraey.

SEGRO completes in Park Royal

SEGRO has completed the construction of Tudor Gate in Park Royal, with about a third of it already let to Warmup.

 

The whole scheme provides 34,433 sq ft of industrial space. 9,795 sq ft is already let to Warmup Plc, with the remaining 24,638 sq ft built on a speculative basis.

 

Warmup is a manufacturer and supplier of underfloor heating. They are moving in from another SEGRO facility.  The building they are moving to includes their own under-floor heating (electric and hydronic), and solar thermal hot water heating systems as well as SEGRO's photo voltaic cells. The new building is adjacent to Warmup's existing 10,870 sq ft premises.

 

The separate 24,638 sq ft facility, developed speculatively, is suitable for various uses, including urban distribution, food production and self-storage. Importantly it marks SEGRO's return to speculative development in Park Royal, one of its core London markets.

 

Both industrial facilities have a BREEAM "Excellent" and EPC "A" ratings. They also offer fuel cost savings advantages, such as discounted electricity generated from photo voltaic cells, with a potential saving of up to £1,000 per annum, and a fuel income benefit, courtesy of a feed-in tariff, of up to £1,400 per annum in the speculative facility.

 

Other environmental benefits include rainwater harvesting, air-source heat pumps providing air-conditioning and solar thermal hot water, resulting in 25% CO2 savings overall.

 

Andrew Stimpson, Charmain and Chief Executive of Warmup, said: "This building will enable us to showcase our electric and hydronic underfloor heating systems at their best."

 

Alan Holland, SEGRO's Business Unit Director for Greater London, said: "We have now started to actively market the facility that has been developed on a speculative basis and, given the shortage of well located, high wuality industrial accommodation in the area, as well as the strong sustainable features we have incorporated, this is already generating interest from potential customers."

 

JLL, dohertybaines and CBRE have been appointed to market the speculative development.

 

For further information, please contact Michael Haines mhaines@dohertybaines.com

EGi Most Active Agent 2012 - Results

We are delighted to announce our db Industrial Team have been voted the 3rd most active agent in London.

 

http://www.estatesgazette.com/deals-competition/2012/#London

 

For further information please contact:

 

David O'Donovan.

dodonovan@dohertybaines.com



LondonMetric pays £60.5m for Primark distribution hub

LondonMetric Property Plc ("LondonMetric"), the UK REIT recently created through the merger of London & Stanford Property Plc and Metric Property Investments plc, announces the acquisition of the Primark Distribution Unit, Thrapston from Moorfield Real Estate Fund II for £60.5 million. The acquisition will be funded from existing resources.

 

The scheme is Primark's central distribution centre for the UK and comprises 785,000 sq ft of space, strategically located for national distribution close to major road networks, including the M1. The unit is fully let to Primark Stores Limited until October 2032 at a rental of £3.9 million per annum. The lease benefits from annual fixed uplifts of 1.5% and upward only open market rent reviews every five years. Adjoining occupiers include Paperchase, Morrisons and DSV Logistics.

 

The purchase price reflects a net initial yield after purchasers' costs of 6.4% and will show an initial cash return of 11.5% per annum and a geared total return of over 15% per annum. These returns will grow annually as the built-in uplifts are triggered.

 

Following this acquisition, the LondonMetric distribution portfolio comprises 13 assets with a combined value of circa £245 million and a weighted average unexpired lease term of 13.0 years (12.8 years to first break). This represents 22% of the enlarged LondonMetric portfolio.

 

Andrew Jones, Chief Executive of LondonMetric, commented:

"The retail distribution sector is continuing to benefit from strong occupier interest as retailers' multichannel strategies continue to evolve. We regard this as a key area for growth within our core portfolio and aim to capitalise on this dynamic further by leveraging our deep occupier relationships to secure more opportunities.

"Primark is one of the UK's most successful retailers and the attractive lease terms reflect the demand/supply tensions within this sector. The investment offers excellent cash returns and exposure to prime real estate, let for nearly 20 years to a fantastic covenant, with guaranteed annual rental increases."

 

Cushman & Wakefield advised LondonMetric. Dohertybaines advised Moorfield Real Estate Fund II.

 

For further information, contact Stuart Atkinson satkinson@dohertybaines.com

SEGRO welcomes Media Lighting Specialist, Solar Lights Limited, to Victoria Industrial Estate

SEGRO, are pleased to announce that photographic and film lighting rental supplier Solalights Ltd is taking Unit 13 at Victoria Industrial Estate in London.

Solalights Ltd, which operates throughout the UK, is a leading supplier of lighting solutions for professional still and motion photography. The company is taking the 4,143 sq ft unit at Victoria Industrial Estate ona a five year lease. The new space will be used for the storage of specialist lighting equipment.

Mike Parker, Managing Director said: "Victoria Industrial Estate is a high quality location from which to drive our business expansion. The estate's range of units and flexible leasing terms, alongside its prominent location and high calibre occupiers make it an ideal place for us to continue to grow."

Ken Butcher of SEGRO commented: "We are delighted to welcome Solalights Ltd to Victoria Industrial Estate and there is now only one unit on this estate which has yet to be leased. As well as Solalights Ltd, we had the priviledge of welcoming a number of new customers to estate last year including River Island, Urban Cow, Red Creative and E.motion Capture Studio Ltd, to name just a few."

Unit 6 Trade City Business Park, Uxbridge UB8 2GG

dohertybaines have successfully completed the sale of unit 6 Trade City Business Park, Uxbridge on behalf of Kier Property.

The unit was sold to GVE, a creative, promotional merchandise supplier, and leaves only units 5 and 11 currently available.

For more information please contact Paul Londra or visit the website: www.trade-city.co.uk

Permitted development rights for change of use from commercial to residential

DCLG has sent an extremely important letter to Chiefs of Planning across the UK today setting out its proposal to introduce permitted development rights from B1(a) use to C3.

This is part of a package of measures to support economic growth announced by the Government in September 2012 and will come into force in Spring 2013.

The new rights will initially be time-limited for a period of three years, and consideration will be given towards the end of that period as to whether they should be extended indefinitely.

It is stated that "It should be recognised that this measure is seen as an important contribution to assisting the economic well-being of the country".

What will these permitted development rights allow?

They will permit change of use from B1(a) offices to C3 residential. This is subject to a prior approval process covering:

• Significant transport and highway impacts
• Development in safety hazard zones, areas of high flood risk and land contamination

The permitted development rights will only cover change of use: any associaetd physical development which currently requires a planning application will continue to need one.

Consequences

dohertybaines will be able to advice on a more straightforward change of the use of the many buildings in B1 (a) use. The detail of refurbs, layouts and additional development etc will still require consent, but this will now be a far more simple process given that the principle is consented.

The Government is asking for Local Authorities to opt out, and those that can demonstrate the overwhelming significance of commercial use in their borough of parts of their borough will do so, e.g. don't expect the most of the City and other parts of Central London to be included.

We can advice clients who have offices or those looking for redevelopment opportunities that we can deliver them consent for change of use. We can also advise on the suitability of the location and the mix and type of product that will be required to make schemes viable, plus CIL and other contributions, and so on.

For further information, please contact John Fosbraey.

Unit 10 Trade City Business Park

Unit 10 Trade City Business Park, Uxbridge was recently sold to Kudos Music. The mid terrace 3,627 sq ft unit, developed by Kier Property earlier in 2012, and built to a high specification completed earlier this month.

At the moment, out of 13 units, 7 have been sold with a further 4 now under offer.

Please contact Paul Londra for further information.