Ruby Street, Old Kent Road, London
Levy’s Industrial Agency team oversaw the leasehold disposal of 28-32 Kent Park Industrial Estate to HSS Hire Services Group Limited on behalf of Fraserview Investments Ltd. The property is located on Ruby Street just off the Old Kent Road.
The property consists of 3 interlinked units equating to 24, 979 square feet. The property was let at a competitive rent of £16.50 which highlights the strength in industrial rental values within Inner London and the M25.
The industrial letting market remains strong within London and Levy LLP remains one of the most active agents within this market. For further information on the London & South East Industrial lettings market, please contact Will Edgley.
Brixton Brewery, Stone Trading Estate, London
Levy has been involved with numerous Industrial lettings to food and beverage suppliers in South-West London over the past 12 months. Brixton Brewery took 17,000 square feet at Units 1 & 2 Dylan Road, which is situated next to Stone Trading Estate, another Levy instruction, which features occupiers including Dip N Flip, Bread Bread Bakery and French Click.
These lettings are a reflection of the strength of the inner M25 industrial market and the strong demand for space from food and beverage occupiers such as Brixton brewery.
G Park London Docklands
Levy’s Industrial team advised on the sale of a 7.9-acre site in London on which Gazeley is planning to develop into G Park – the UK’s first three-storey ‘Ultra Urban’ warehouse facility.
The Docklands site is located adjacent to Silvertown DLR station and is well connected to major transport routes into central London. The intention is to create a last mile logistics hub which would enable logistics operators to service residential and commercial customers across the capital.
The G Park development will feature three c.130,000 sq ft levels of warehousing with the upper floors accessed via an HGV circulation ramp. Each level will offer occupiers eaves heights of 8-10 meters; floor loading of 25KN/m2; 35m service yards; and Grade A office space. Each floor would be divisible into three units of circa 45,000 sq ft to suit occupier requirements.
Levy advised Galliard Homes and Cain International on the sale of the site and has been retained as letting agents on the project.
A planning application is being submitted in September 2018 construction is programmed to commence in January 2019 and practical completion in October 2019.
Cubic Estate, Eastman Way, Hemel Hempstead
The industrial development team have worked with landowners, Cubic Estates, to renegotiate the Cadogan Tate lease and provide advice on the redevelopment of the remainder of the site including development appraisals, development cashflows and leasing advice.
The estate has been occupied Cadogan Tate Ltd since 2007 occupying the entire site and buildings extending to 142,918 sq ft on a site of 6.4 acres.
In September 2018 a planning application was submitted to demolish 59,788 sq ft of buildings on the site and replace with a new 4 unit industrial warehouse scheme totalling 56,100 sq ft. The retained buildings includes a 15 m high bay warehouse and adjacent warehouse and office totalling 83,130 sft which Cadogan Tate will continue to occupy. Unit 3 will be occupied by Cadogan Tate with the remainder of three units available to let to alternative occupiers. Practical completion is programmed for October 2019.
Construction is due to commence in January 2019 and Levy Real Estate are retained letting agents on the scheme.
Iceni Court, Letchworth, Herts
Acting on behalf of a private client we sold a 32,500 sq ft industrial estate to Canal & River Trust for £3.4 m 5.2% NIY.
The estate is fully let to four tenants with an WAULT of 3.8 years and total rent passing of £189,000 pa. The units are under-rented and the purchase reflects a reversionary yield of 6.72 %.
The industrial multi-let market remains strong particularly for South East stock. Please contact Jeremy Grundy or Gavin Quinn to discuss the industrial and logistics investment market.
Alpha House, Durnsford Road Wimbledon SW19
On behalf of clients, Capital Industrial , Levy’s Industrial team acquired this single let storage and distribution facility let to Cadogan Tate situated on Durnsford Road, Wimbledon.
The 45,264 sq ft warehouse with mezzanines is let on a 10-year lease at an annual rental of £500,000. The purchase price of £11.05m included a single residential unit and equated to a net initial yield of 4.42%.
Orbital Park Ashford
Levy’s Industrial team advised on the sale of a 112,449 sq ft warehouse building on Orbital Park in Ashford, Kent to CCLA Investment Management for £8.42m.
Unit M is let to Menzies Distribution and Brookes Homes Developments and currently produces annual income of £606,436 which equates to £5.39 per sq ft overall. The investment has a 4.8 year WAULT and its sale reflected a net initial yield of 7.22%.
GeoPost UK, Warth Park, Northants
Advised by Levy’s Industrial Team, Riverside Capital sold a logistics investment in Northamptonshire in an off market deal for £8.20m, reflecting a net initial yield of 4.85%.
The freehold industrial unit in Warth Park, Raunds totals 42,528 sq ft and is let to DPD UK Ltd until 2028. The property was acquired for Riverside by Levy in September 2013 by way of a forward commitment at 7.29% net initial yield.
£44.3m London Industrial Portfolio Purchase
Levy Real Estate’s Industrial team advised Capital Industrial One on the £44.3m purchase of 10 industrial estates across London.
The London Collection was purchased from Workspace plc and comprised 281,500 sq ft of space and 135 tenancies across estates in Ilford; Barking; Feltham; Ashford; Stonebridge; Harrow; Lewisham; South Bermondsey; Loughborough Junction; and Battersea.
The acquisition involved the comprehensive analysis of each estate which drew on the our team’s expert knowledge of the London industrial market.