Lettings Update

Although August is seem as traditionally a quiet time on the transaction front, the db industrial team has powered through with a raft of lettings this holiday season.

 

Firstly at the Clocktower Estate, Isleworth, they say good things come in 3's and that certainly seems the case as units 11 (4,452 sq ft), unit 12 (4,449 sq ft) and unit 13 (5,172 sq ft) have been let to Techfront UK, Hotel Emporium and Wednesday Limited respectively. With SELCO opening a new branch adjacent, and other interest in the remaining units you had better be on time to grab a unit at Clocktower. Please see www.clocktowerindustrialestate.com for more details.

 

Dohertybaines also sold the last remaining unit of Phase 1 Kier's Trade City scheme at Uxbridge. Unit 4 was sold to Chisou Restaurant. The unit was approximately 2,045 sq ft in size. Phase 2, which is available on a leasehold basis, does still have units available. For more details please see http://www.trade-city.co.uk/uxbridge-phase2/index.html

 

North London is also sharing in the improved take up of industrial premises. Unit 7 Cranford Way was also let by db. The 11,064 sq ft unit with self contained yard was let leaving just unit 11 remaining.

 

For more information on these lettings or sales then please contact Paul Londra or Alex Stothard.

Cypro takes a bite from Mowlem

Cypro Foods, the established North London occupier and one of the UK's largest fresh produce suppliers has taken a lease on Unit 20 Mowlem Trading Estate, Tottenham.

The 6,260 sq ft mid terrace unit was fully refurbished prior to the letting which further enhances the reputation of the Mowlem estate as being the preferred location for many occupiers seeking space in the area.

 

The industrial estate was recently the subject of a successful planning consent to redevelop the strip of land fronting the A1055 Watermead Way into 4 industrial/trade counter units. For more information on the redevelopment or the recent letting please see the website www.mowlemtradingestate.co.uk or contact Paul Londra (020 7355 3033).

4 More reasons for good cheer over the Festive Period

The db industrial team had 4 more good reasons for industrial cheer over the festive period with a number of lettings.

 

Unit 135 Clocktower Estate, Isleworth, was let to Premier Mechanical Installations, on a 10 year lease with a break after 5 years. The 7,142 sq ft unit was fully refurbished prior to the letting and came with a self contained yard.

 

Unit 11, also on the Clocktower Estate was let to Techfront UK Limited, on a 5 year lease term. The end of terrace unit was approximately 4,452 sq ft.

 

Unit 3 Airlinks Industrial Estate, Heston, was refurbished mid terrace unit and was let to Wood Pecker London Limited, a bathroom and kitchen manufacturer. The unit was approximately 4,720 sq ft.

 

Finally, Unit 11 Trade City Business Park, Uxbridge, was sold to Kudos. The mid terrace 3,627 sq ft unit sale completed on 2 January 2014.

 

If you require any further information, please do not hesitate to contact Paul Londra (020 7355 3033).

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