LOGICOR COMPLETES COMPREHENSIVE REFURBISHMENT OF WA316

Logicor has completed the comprehensive refurbishment of WA316, its 316,128 sq ft distribution warehouse facility on the edge of Bristol.

WA316 is situated in Western Approach, a well-established distribution park, home to many blue-chip companies. Located between Junction 1 of the M48 and Junction 18 of the M5, with frontage to the M49, WA316 offers direct access to the UK’s extensive motorway network. Bristol International Airport lies 18 miles to the south and Bristol’s Avonmouth and Royal Portbury Docks are within 6 miles.

The high-quality distribution warehouse facility comprises 316,128 sq ft, inclusive of 8,889 sq ft of office space, with 13.5m clear internal height, 7 dock levellers and 14 level access doors. The site benefits from a 60m yard depth, with 100 lorry parking spaces and 174 car parking spaces.

Sam Towers, Logicor’s UK Technical Manager, says: “The works carried out, including full refurbishment of the warehouse and office space internally and externally, the removal of the redundant cooling installation and gas fired heaters and the introduction of LED lighting within the office areas, has resulted in a70% reduction in carbon emissions at WA316.”

Anthony McCluskie, Logicor’s Director, Asset Management, UK, comments: “Following the successful letting of the nearby WA248 facility, we are pleased to bring to the market another high-quality distribution warehouse in this top logistics location. The completion of the refurbishment works has taken WA316 to another level, fitting for its premier position. In an area which has a severe lack of immediately available stock of this calibre, we have already received a great deal of interest and are in discussions with a number of parties to take the Grade A space.”

Western Approach Distribution Park is the South West’s premier logistics location, with local occupiers including Tesco, DHL, Amazon, Royal Mail and Farmfoods.

JLL, Knight Frank and Savills as joint letting agents for WA316. For more information, please visit www.wa316.co.uk

LOGICOR BRINGS ‘MIDLAND 42’ RUBGY WAREHOUSE TO THE MARKET

Logicor has launched its 42,238 sq ft Rugby warehouse to the market appointing Drake Commercial, M1 Agency and White Rose Property as letting agents.

Midland 42 is a high-quality detached warehouse located on Midland Trading Estate in Glebe Farm, which combines with Swift Valley to provide Rugby’s largest employment area. Rugby town centre is approximately one mile to the South and Rugby rail station one mile to the West.

Midland Trading Estate is strategically located at the centre of the UK’s motorway network, just off the A426 Leicester Road which provides direct access to Junction 1 of the M6.

The warehouse benefits from five ground level loading doors and six-metre minimum eaves height. The property also has ground floor office space, a secure fenced yard, and on-site staff car parking.

A comprehensive building refurbishment programme is also underway, which will result in a newly coated roof, LED lighting throughout, the addition of cycle racks and electric vehicle charging points, plus the installation of an energy-efficient air source heat pump. [These features will contribute to an expected EPC “B” rating plus a target BREEAM In-Use “Very Good” standard]. The refurbishment is due to finish at the start of May, ready for immediate occupation.

James Carney, Senior Asset Manager at Logicor UK, comments: “I am delighted to bring the Midland 42 building to market. The refurbishment plan adds new and improved building features which makes this a very attractive proposition to local occupiers.”

For more information, please visit.  https://logicor.eu/uk

Delva Patman Redler opens in Bristol

Delva Patman Redler has strengthened its South West operations with the opening of a new office in Bristol and the appointment of Chris Harris to head a dedicated South West-led team.

Neighbourly Matters expert Chris Harris joins the firm as Salaried Partner.  A specialist in daylight and sunlight and rights of lights, Chris has a detailed knowledge of the technical support, planning process and associated legal criteria.

Chris started his career at Delva Patman Redler where he spent 13 years working on a number of large commercial and residential developments across the UK, helping developers maximise the potential of their sites, before moving to TFT where he spent over three years as Technical Partner, leading the Neighbourly Matters team

At Delva Patman Redler, Chris will run the Bristol office, supporting the firm’s work in the South West, across all service lines, and expanding its relationships with existing and new clients working in this region. Delva Patman Redler’s projects in the area include Unite’s student accommodation scheme on the site of the old Bristol Royal Infirmary, Bath Rugby Club and the historic Bath Spa.

Chris comments: “It’s great to be back! I obviously know the team very well having spent a large chunk of my career at Delva Patman Redler, which will certainly help me hit the ground running. I look forward to picking up with Delva Patman Redler contacts and projects, old and new, helping to support the team in its ongoing work to grow the business in the region with the same successes as my colleagues in the North West.”

Stuart Gray, Senior Partner at Delva Patman Redler, comments: “Following on from our appointment of Ashley Patience last year, we’re delighted to welcome back another DPR Alumni! As Chris says, he knows the team and the business well as is perfectly positioned with his knowledge of the South West region – and further afield - to provide on the ground expertise.”

The new Delva Patman Redler Bristol office will be located at 40 Berkeley Square, Bristol BS8 1HP.

Logicor commences comprehensive refurbishment of Peterlee warehouse

Logicor has commenced the comprehensive refurbishment of its 72,980 sq ft warehouse / production facility on Swan Road, South West Industrial Estate, Peterlee.

Unit 2 Swan Road comprises a 72,980 sq ft modern high bay warehouse / production facility located on South West Industrial estate, an established commercial location within Peterlee. The scheme benefits from excellent road links via the A19 approximately 1.5 miles to the north.

Centrally located in the North East, within easy access to the region’s major conurbations, rail networks and ports, South West Industrial Estate is already home to a number of major occupiers including NSK Bearings, Caterpillar and TRW Automotive. 

Richard Phillips, Logicor’s UK Portfolio Director, comments: “We are excited to start the comprehensive refurbishment of Unit 2 which will provide excellent modern industrial space in an area where we are seeing high customer demand.”

The comprehensive refurbishment will include roof refurbishment, the installation of replacement rooflights and recoating of the cladding, along with an upgrade of the curtain walling. The office accommodation will also be fully refurbished to a high standard with new LED lighting throughout the office and warehouse space. The outside space will be landscaped, and reconfigured, and new loading and pedestrian doors will be added to the unit.

David Cox, Partner at Hollis’s Newcastle office, overseeing the works, comments: “We are pleased to be appointed on this refurbishment scheme.  We originally dealt with the dilapidations claim and it is great to see this significant investment to bring the premises back to a good standard and to improve the energy efficiency of the scheme.” 
Cushman & Wakefield and Naylors Gavin Black are joint letting agents.

Chris Donabie, Partner at Naylors Gavin Black,  says: “Once refurbished, this will be the only unit of its size and quality available up and down the A19 between Teesside and Tyne & Wear and around ‘hot spot’ locations in Washington, Sunderland and South Tyneside.  The works will provide  high-quality space suitable for warehouse and production uses, with refurbished offices and extensive external areas with potential for further expansion to meet occupier requirements, all within a three minute drive time of the A19.”  

Richard Scott, Partner at Cushman & Wakefield’s Newcastle office, adds: “The market remains extremely compromised in terms of ready supply of units of this quality and size and as such we expect to see healthy demand, and indeed are already fielding enquiries prior to commencing the refurbishment works.”

Unit 2 Swan Road will be available to occupy in Q2 2021.

Pluto Finance Targets £600m of new lending in 2021

Pluto Finance has announced it is targeting a figure of £600 million in new lending over the remainder of this year, following the repayment of £300 million from its loan book in Q4 2020 and Q1 2021.

The specialist lending team has redeemed £210 million from its loan book over the last quarter through sales and refinances and estimates a further £90 million of repayments in Q1 this year.

Mario Ioannides, Associate Partner at Pluto Finance, says: “As a result of these successful repayments and new capital injection, we are targeting a total lending of £600m in 2021.”

“In addition to our ‘business as usual’ residential development finance, we are diversifying our loan book further with increased Bridge Loan facilities. And whilst we will remain able to facilitate sub-£5m bridge loans, our strong preference is to target bridge loan ticket sizes of £5m to £35m in order to reach this new target.”

Pluto Finance’s push into increased Bridge loans will focus on: Development Exit Bridge loans, offices in city centres with potential to obtain residential planning consent, income producing assets, and land with residential planning.

Pluto Finance has recently closed two large Development Exit Bridge loans in Wembley and Ruislip.  These two complex bridge transactions allowed Pluto’s clients to redeem expiring development finance with economically viable, flexible facilities with no redemption penalties beyond 3 months.  Ioannides adds: “Pluto were able to achieve 65% LTV against new build residential buildings with no income, at margins of sub-4.5%.  We welcome the opportunity to structure many more similar £10m+ Development Exit Bridge loans.”   

Delva Patman Redler’s North West Office Relocation to Liverpool Waters

Delva Patman Redler’s North West office has relocated to Princes Dock at Liverpool Waters.

The first neighbourhood to be developed at Peel L&P’s far reaching Liverpool Waters scheme, Princes Dock is home to a mix of office and residential developments and continues to grow (see the highlights here).

Four years on from Delva Patman Redler’s establishment of its North West office, we continue to advise on some of the largest and most complex development projects in the region. We are the Consultant of choice for a number of Clients on challenging development schemes.

Our North West team provides specialist advice in relation to:

• Neighbourly Matters (rights of light, daylight and sunlight, party walls, temporary development rights, easements and appropriation)

• Occupier Services (Feasibility and options appraisal, forward planning, Contract Administration and Employer’s Agent Services, technical issues surrounding lease entry / renewal / re-structuring / exit strategy and dilapidations)

To help with your requirements, please contact:

Neighbourly Matters: Delwyn Jones BSc (Hons) MRICS – Partner

Tel: 0151 242 0980

Mob: 07711 628065

delwyn.jones@delvapatmanredler.co.uk

Occupier Services: Suzanne Leo BSc (Hons) MRICS – Partner

Tel: 0151 242 0980

Mob: 07711 195649

suzanne.leo@delvapatmanredler.co.uk

Office Manage: Lorraine Liston

Delva Patman Redler LLP

The Quay

12 Princes Parade

Liverpool

L3 1BG

Tel: 0151 242 0980

www.delvapatmanredler.co.uk

Vantage Building Consultancy welcomes two new members to its growing team

Vantage Building Consultancy’s five-year growth plan continues at pace with the strategic appointment of two new members to its UK-wide team.

Gavin Scriven has joined as Associate Building Surveyor, having spent nearly seven years at Hollis. Gavin started his career at Atkins, working in the Property and Design team. At Vantage, Gavin will be based in Bristol working across the UK, specialising in Dilapidations and Projects.

Steffen Backer-Rowley has joined as a Senior Surveyor and Project Manager. He joins from Paragon BC, having previously worked as a Project Manager for Bond Davidson and Links. Steffen is based in the firm’s Manchester office.

Paul Wood, Director and Founder of Vantage Building Consultancy, comments: “We have been searching for the right people to join our experienced team and both Gavin and Steffen fit the bill perfectly. Each have a wealth of experience and will be a credit to the team.

“Despite the backdrop of COVID-19, we have committed to invest heavily in the business and our people are a big part of that. Client satisfaction is key at Vantage and our plan has always been to match our needs with those of our clients. Along with new staff we are developing an improved IT system, new website, along with a clear sustainability commitment. 2021 will be a busy year for the business.”

With offices across the UK, Vantage specialises in office, retail and warehouse Dilapidations, Project Management, Measured Surveys, CDM and TDD. Formed in 2015, Vantage uses the latest technology and techniques to provide clients with straight forward commercial advice.

Bridge Development Partners Announces $2.2 Billion in Transactions During 2020

Bridge Development Partners, LLC ("BRIDGE"), a privately-owned development and acquisition firm of Class A industrial properties, today announced that it completed over $2.2 billion in transactions during 2020.

BRIDGE acquired 10 properties totaling approximately 6.5 million square feet, valued at over $1.4 billion across BRIDGE's five regional offices located in Chicago, Miami, New Jersey/New York, Los Angeles/San Francisco and Seattle during 2020, in the midst of the global pandemic. BRIDGE also sold 13 projects totaling approximately 5 million square feet, and $800 million of value during 2020.

Additionally, BRIDGE began efforts to complement its expertise and successful track record with expanded access to capital and investment management capabilities, which included restructuring its executive team. Notable developments included the hiring of Sean Zasche, previously of CA Ventures, as CFO. Tony Pricco is Partner and CIO, while Steve Groetsema continues his role as Partner and COO, a role he assumed in 2019.

“I am excited to have helped contribute to such a successful year at BRIDGE and look forward to leveraging my capital markets experience to fuel the company's continued growth and drive returns for our investors in 2021,” said Zasche. “Our executive team is well-positioned to serve our current and future capital partners, catalyze our entry into new markets, and prepare us for the launch of new investment vehicles.”

While the COVID-19 pandemic caused significant disruptions across commercial real estate, BRIDGE found success in each of its five supply-constrained US markets, striking a number of milestone transactions for the company, as well as opening its first international office in London in November.

The most notable transaction for the company last year was the sale of an 11-building portfolio to a large institutional open-ended fund totaling 1.65 million square feet valued at over $240 million, which represents the final assets of what was a larger, 20-building, 4 million square foot portfolio.

BRIDGE particularly saw success in the Northeast Region in 2020, where it transacted on six projects totaling 5.8 million square feet valued at over $1.2 billion.

“Even in a highly unusual year that was drastically altered by COVID-19, our team’s accomplishments have been nothing less than monumental. Despite the unprecedented challenges, our persistent hard work and dedication made it not just a successful year, but one of our best to date,” said Bridge Development Partners Founder & CEO Steve Poulos. “We expect demand for state-of-the-art industrial facilities in infill markets will continue to grow in the years ahead, and we look forward to meeting that demand.” 

LOGICOR AGREES LONG TERM LEASE EXTENSION WITH ANTALIS

Logicor has agreed a long-term lease extension with Antalis Group at Gateway House in Interlink Park, Bardon, Leicestershire.

Interlink Park is strategically located in North West Leicestershire’s distribution ‘Golden Triangle’, approximately 1.5 miles from J22 of the M1 motorway. The c. 280,000 sq ft warehouse facility, known as Gateway House, will continue to be used as the Antalis HQ building as well as a key distribution warehouse for their supply chain network.

Logicor has been working in close partnership with the team at Antalis over the past 18 months to provide a solution to suit both parties and enable Antalis to remain at Gateway House for the long term to meet their business needs.

Mike Best, Logicor’s Director, UK Asset Management & Transactions, comments: “We are delighted to have completed this significant lease extension with Antalis and to have been able to build on our existing relationship with them as a valued customer to accommodate their requirements in the UK.”

Nicholas Thompson, Supply Chain Director at Antalis, comments: “Antalis are delighted to have agreed an extension on the lease of our HQ at Interlink Park and further extend our relationship with Logicor. Interlink Park is crucial as our HQ and a key distribution warehouse to support our increasing supply chain network and meet customer demands.”

SBH advised Antalis.

Bridge Development Partners appoints Project Delivery head

Bridge Development Partners (“BRIDGE”) has appointed Stephen Vickers as Senior Vice President, Development to lead the firm’s project delivery in the UK.

BRIDGE, the US-based privately owned industrial real estate firm, launched its UK operations in November 2020 with the appointment of industrial real estate specialist Paul Hanley as Partner, London to lead the team alongside BRIDGE’s Vice President Chris Doloughty.

In his new role, Stephen will be responsible for all the UK construction and project delivery. With over 30 years’ experience within the property market, Stephen started his career with an industrial consultancy before moving to a UK commercial agency to set up and lead the Project Management and Cost Consultancy division. He then moved to the client side working for six years with one of Europe’s largest industrial landlords, leading industrial and logistics developments across Europe.

Paul comments: “We are delighted to announce this new addition to our team so soon after launching in the UK. Stephen has a wealth of experience in the industrial and logistics sector, across the UK and Europe, and has built a fantastic reputation in the market. We are thrilled to have him on the team.”

Stephen says: “It’s great to be joining such a well-placed, entrepreneurial company and it is very exciting to be part of the team from such an early stage. Paul and Chris have been actively seeking sites since BRIDGE’s launch in November and we are ready to kickstart 2021 with a bang!”

Headquartered in Chicago, Illinois, BRIDGE focuses on last mile logistics, brownfield redevelopment and cold storage assets. The firm is one of the most dominant players in the seven uber core industrial markets in the US where they are regarded as one of the most active industrial and logistics developers.

BRIDGE was Co-founded in 2000 by CEO and industry veteran Steve Poulos. Financially backed with institutional capital, the firm has a focus on the acquisition and development of Class-A industrial real estate in the supply constrained core US markets of Chicago, Miami, New Jersey/New York, Los Angeles/San Francisco, and Seattle. Since its inception, BRIDGE has successfully acquired and developed more than 44 million square feet of industrial product, with a value of more than $7.3 billion across the US.

Pluto Finance completes £34m PBSA Development Loan

Pluto Finance has completed a £34 million Purpose Built Student Accommodation (PBSA) Development Loan for the Bricks Group, to complete their development in Swansea, South Wales under their ‘true’ brand.

The new student accommodation scheme is well located on Morfa Road, with excellent access to the bustling city centre, the university campuses and providing views over the River Tawe and surrounding countryside. Bricks are building a 706-bed scheme over four blocks, with best-in-class accommodation and amenity spaces, including a cinema, library, festival zone, coffee shop and gym. The ‘true’ experience is multi award-winning and will be available for students to occupy from September 2021.

Justin Faiz, Partner of Pluto Finance, comments: “We are delighted to complete this PBSA Development Loan to Bricks Group. With a proven track record for delivering high-specification schemes with their well-respected ‘true’ brand, they have a great reputation in the market.”

Allan Davidson, COO of the Bricks Group, comments: “We’re thrilled to be working with Pluto and look forward to a close and mutually beneficial partnership. We see great potential in Swansea, with the city centre in the press a lot at the moment, for all the right reasons, and the University amongst the most highly rated when it comes to student satisfaction and experience. This links positively to our ‘true’ student brand, where our engaging communal areas, such as our famous Festival Zone social space and ‘Come Dine With Me’ shared dining rooms, ensure that students have the very best experience when staying with us.

“All of our guests benefit from our innovative ‘truelife’ programme, which surrounds them with amazing opportunities and experiences that boost their wellbeing, personal network and life-skills, so they feel energized, connected and inspired. At ‘true’ we say: “It’s not just about what we do, it’s how we make you feel!”.”

LOGICOR COMPLETES LARGEST UK LETTING

Logicor has let Sherburn 667, its 666,898 sq ft Leeds distribution unit to Clipper Logistics, in the largest letting of an existing UK warehouse in 2020. The letting also represents Logicor’s largest UK letting to date.

Sherburn 667 is a fully fitted modern distribution facility located in Sherburn, near Leeds and close to the A1(M)/M62 in Yorkshire. Logicor has signed a new long-term lease with Clipper Logistics to facilitate further growth with its e-fulfilment activities.

Anthony McCluskie, Logicor’s Director, Asset Management, UK, comments: “We are delighted to have concluded this letting to Clipper Logistics - the largest letting in 2020 of an existing building and the largest letting we have signed to date within our UK portfolio.”

Charlie Howard, Logicor’s Managing Director, UK, comments: “This is our second letting to Clipper Logistics, following the letting of Sheffield615 in 2018. We are very pleased to have been able to build on our existing relationship with Clipper and accommodate their requirements in the UK for their e-commerce fulfilment.”

Tony Mannix – CEO at Clipper Logistics, comments: “Clipper are delighted to have added the Sherburn site to our portfolio and further extend our relationship with Logicor. We have seen unprecedented growth in our ecommerce operations in recent months and the Sherburn site will be a key site within the Clipper network to facilitate our growth plans as we continue to support both new and existing customers. Clipper remain at the forefront of innovation in the retail logistics sector and the Sherburn site will quickly become our centre of excellence with the planned introduction of automation and robotics as we continue to deliver world class solutions for our customers.”

JLL advised Clipper Logistics.

LOGICOR BRINGS WA316 WAREHOUSE TO THE MARKET

Logicor has launched WA316 to the market, appointing JLL, Knight Frank and Savills as joint letting agents.

WA316 is situated in Western Approach, a well-established distribution park on the edge of Bristol, home to many blue-chip companies. Located between Junction 1 of the M48 and Junction 18 of the M5, with frontage to the M49, WA316 offers direct access to the UK’s extensive motorway network. Bristol International Airport lies 18 miles to the south and Bristol’s Avonmouth and Royal Portbury Docks are within 6 miles.

The high-quality distribution warehouse facility comprises 316,128 sq ft (inclusive of 8,889 sq ft of office space), with 13.5m clear internal height, 7 dock levellers and 14 level access doors. The site benefits from a 60m yard depth, with 100 lorry parking spaces and 174 car parking spaces.

Anthony McCluskie, Logicor’s Director, Asset Management, UK, comments: “We are delighted to bring WA316 to the market with JLL, Knight Frank and Savills onboard as letting agents. Western Approach Distribution Park is the South West’s premier logistics location, with local occupiers including Tesco, DHL, Amazon, Royal Mail and Farmfoods, to name just a few.

“Following the letting of our nearby warehouse - WA248 – to Wincanton in October this year, we are now underway with the comprehensive refurbishment of WA316 to provide a new standout facility within this strategic logistics and distribution location. Following the transformation of the site, the unit will be available in Q1 2021.”

For more information, please visit www.wa316.co.uk

Pluto Finance advances £97m of new loans during September and October

Whilst some lenders have shut up shop during the coronavirus crisis, the Pluto Finance team have been hard at work - completing £97m of bridging and development lending across the UK in September and October alone.

In one of its largest loans this year, Pluto Finance has completed a development loan of £35m to fund the acquisition and development of a residential-led mixed-use development in Chiswick, West London.

The team has also completed bridge loans in Wembley and Essex totalling £13m. The former allowed the borrower to refinance their existing lender prior to practical completion with an additional equity release once practical completion was obtained. The Essex loan provided the borrower with a development exit bridge and equity release. Pluto Finance has seen an increase in enquiries from developers looking at gearing up completed schemes through Development Exit bridge loans, releasing equity to acquire new sites.

In Ashford, Kent and Cockfosters, North London, Pluto Finance has completed two site acquisition bridge loans totalling £16m. The Ashford loan enabled the borrower to fund a deferred payment for site acquisition and provide additional funding for enabling works on the site. In Cockfosters Pluto funded the borrower’s purchase of a semi-vacant office building allowing time to obtain vacant possession and obtain an enhanced planning consent before proceeding with development finance. 

Finally, Pluto Finance has completed a £34m development loan to fund 700 purpose-built student accommodation units in Swansea, Wales for an experienced student operator. 

Justin Faiz, Managing Partner of Pluto Finance, comments: “We are delighted to be continuing to support our borrowers during these difficult times.  We remain committed to providing flexible financing for development and bridging at a range of leverage points and across asset classes.”

“We have substantial capital to deploy over the remainder of the year and look forward to continuing lending at this pace.”

Bridge Development Partners Launches First International Office in the UK

Bridge Development Partners (“BRIDGE”), the US-based privately owned industrial real estate firm, has announced that it has officially launched its UK operations, appointing industrial real estate specialist Paul Hanley as Partner, London to lead the team alongside BRIDGE’s Vice President Chris Doloughty.

Headquartered in Chicago, Illinois, the firm focuses on last mile logistics, brownfield redevelopment and cold storage assets. This model and expertise will be brought to the UK to quickly establish BRIDGE’s position in this new market, as the firm has done successfully in each of its core US markets.

Beginning 2nd November, the UK team will operate from Bedford Square, London WC1 and will be pursuing land and development opportunities throughout Greater London, the South East and the West Midlands.

“We’ve established ourselves as one of the most dominant players in the seven uber core industrial markets in the US and opening our UK office is the strategic next step following the growth we have had in the States,” said Steve Poulos, BRIDGE’s Founder, Chief Executive Officer and Partner. “We look forward to providing Paul with the capital and the resources required to assist his UK expansion.”

Hanley will be responsible for BRIDGE’s acquisition and development activities throughout the UK. He has been involved in the acquisition, development and leasing of over 6 million square feet of industrial real estate with a value in excess of £1 billion during his career working across Greater London, the Southeast and the Midlands markets. Hanley has also worked in the US across the Texas and Tennessee regions.

“I am thrilled to be joining BRIDGE during this exciting time for the UK logistics market. This sector is now the most sought after from a capital perspective and is witnessing a huge surge in demand from the tenant side, making it the opportune time for BRIDGE to expand internationally,” said Hanley. “BRIDGE is well established across the US, where they are regarded as one of the most active industrial and logistics developers. As a forward thinking, entrepreneurial company, the team is well placed to act quickly and decisively to secure the best opportunities throughout our chosen markets.”

Doloughty, who has been with the company for over two years, has relocated to London from Chicago to work alongside Hanley. He will assist in executing BRIDGE’s business plan and processes, as well as establishing the company’s brand in the UK.

“We are incredibly excited to open our first international office and expand the BRIDGE platform to the UK,” said Doloughty. “We believe there are a lot of similarities in the US and UK logistics markets and we are eager to leverage our experience and strong capital relationships to unlock best-in-class opportunities throughout the core logistics markets of the UK.”

BRIDGE was Co-founded in 2000 by CEO and industry veteran Steve Poulos. Financially backed with institutional capital, the firm has a focus on the acquisition and development of Class-A industrial real estate in the supply constrained core US markets of Chicago, Miami, New Jersey/New York, Los Angeles/San Francisco, and Seattle. Since its inception, BRIDGE has successfully acquired and developed more than 44 million square feet of industrial product, with a value of more than $7.3 billion across the US.

LOGICOR’S BENTALL BUSINESS PARK NOW FULLY LET

Logicor’s 629,000 sq ft Bentall Business Park in Washington, England is now fully let with two new leases recently signed on the three remaining industrial units.  

Units 13 and 14, totalling 12,000 sq ft have been let to K&G Distribution as a new depot for their expanding business based in the North West of England. Unit 12, comprising 7,100 sq ft has been occupied by SIA Automotive, a Nissan supplier who required additional space.

Located in the North East of England, Bentall Business Park was let by local agents, Newcastle firm Naylors Gavin Black and Cushman & Wakefield’s Newcastle office.

Richard Phillips, Portfolio Director, Logicor, said: “Bentall Business park is one of the largest assets within Logicor’s Multi-Let Industrial portfolio. We are delighted to mark the scheme as fully let and look forward to helping local businesses grow. It has truly been a great team effort from our fantastic agents Richard Scott of Cushman & Wakefield and Chris Donabie of Naylors Gavin Black to secure these new tenants.

“Richard and Chris will remain as our retained agents at Bentall and are also appointed to market our scheme on South West Industrial Estate in Peterlee.”

Richard Scott, Partner at Cushman & Wakefield’s Newcastle office, said: “These deals, bringing the estate to 100 per cent occupancy, underline the strength of the North East industrial market despite macro economic uncertainty as well as the continued demand from businesses looking to expand in the area.”

Chris Donabie, Partner at Naylors Gavin Black, adds: “Earlier this year we [also] let 78,000 sq ft at Bentall Business Park to an existing tenant to enable the expansion of their operation. We are seeing similar levels of interest on the remaining units on Logicor’s scheme in Peterlee, benefitting from the ongoing refurbishment programme on their vacant stock.”

Logicor will shortly commence the marketing of its 73,000 sq ft warehouse on Swan Road at North West Industrial Estate in Peterlee.

Delva Patman Redler announces 2020 promotions

Delva Patman Redler has announced three promotions within its London team.

Lok Tang has been promoted to Partner. Lok originally joined Delva Patman Redler straight from university in 2007 and has developed into one of the leading technical specialists in rights of light and daylight assessments as well as leading the Cad department from the firm’s London office.

Jessica Rhodes, who joined the company as Senior Surveyor in 2018, focusing on Rights of Light, has been made Associate. And Conor Healy has been promoted to Senior Surveyor in the Party Walls team.

Rob French, Delva Patman Redler’s Equity Partner, says: “We are delighted to announce these three promotions at different levels across the London team. They are all very much deserved!”

Logicor wins IAS Awards 2020 Fund / Property Company of the Year

Logicor, owner of over 32 million sq ft of industrial and logistics space in the UK, has been awarded the prestigious Fund / Property Company of the Year Award at the Industrial Agents Society (IAS) Awards 2020. Voted for by over 1,000 UK industrial and logistics agents, this is the third time in five years that Logicor has been presented with this award.

Charlie Howard, UK Managing Director at Logicor, said: “I cannot be prouder of my team. Their hard work, togetherness, and determination to outperform - especially during the recent challenging period - has been a privilege to be part of. I am delighted for them and the wider Logicor team.”

Logicor has twice previously won the IAS Fund / Property Company of the Year award, in 2016 and 2017. The team has also been successful in winning Deal of the Year and Best Asset Management Initiative Awards over the past three years.

Logicor owns and manages over 1,200 industrial and logistics units throughout the UK as well as a further 114 million sq ft across 16 other European countries. The UK portfolio includes tenants such as Amazon, B&Q, Jaguar Land Rover and ASOS, together with many of the major third-party logistics companies. Recent lettings within the Logicor UK portfolio have included Marks and Spencer plc taking 360,000 sq ft at MK360 in Milton Keynes and Farmfoods signing a 20-year lease on 262,000 sq ft at Solihull 262. This long-term commitment at Solihull was completed only 14 days after the previous tenant vacated the property.

Fairview New Homes secures Co-op as first commercial tenant at Regency Heights

Fairview New Homes has announced today that leading convenience retailer, the Co-op, has signed a new lease, taking 4,015 sq ft of commercial space at Regency Heights, marking the first wave of commercial leasing for the new development in Park Royal, North West London.

Co-op will occupy Units 4 and 5 of six new commercial units at the 13.5-acre development located on Lakeside Drive in Park Royal, London NW10. Taking the combined units, the Co-op will source 100% renewable electricity to run its store and provide a funding boost for local causes through its Membership scheme.

The new Co-op store will be part of the final phase of construction at Regency Heights and is expected to open in December 2021. It will create around 15 new jobs, and include bakery goods, fresh, healthy products, food-to-go, vegan and free-from foods, Fairtrade products, chilled beers, award winning wines, meal ideas and essentials.

Co-op also offers a 10% discount off groceries to TOTUM cardholders (the new name for the NUS extra card) to support students during their studies.

Regency Heights is a new development of 807 one, two- and three-bedroom apartments and penthouses in a stunning landscaped setting on the site of the former Guinness Brewery. Everything about Regency Heights has been carefully considered, from the apartments with stunning views to light filled living areas. A branch of the Grand Union Canal runs through the middle of the site, providing space to relax, unwind and enjoy.

With Park Royal tube station less than a five-minute walk away, and Hanger Lane station also close by, Regency Heights, offers excellent connections across London, with an 8 minute journey time to Westfield London, 16 minutes to Hammersmith, 22 minutes to Oxford Circus and 44 minutes to Bank station.

Rhys Davies, Main Board Land Director, Fairview New Homes, says “Regency Heights offers an exciting opportunity for any Londoner to escape renting and own their own piece of the city, without the Central London price tag. The new destination stands tall and proud in the heart of the UK’s largest regeneration project – Old Oak and Park Royal, with stunning lake views and surrounding green spaces, along with excellent transport links.”

“We are delighted to secure Co-op as the first commercial occupier, providing an essential amenity for our new community. Further details on our commercial provision will be announced in the coming weeks.”

Chris Barter, Regional Acquisition Manager, Co-op, said: “We are delighted to have the opportunity to serve the community. We continue to look for new locations where we can operate at the heart of local life. Co-op marked its 175th anniversary last year, and our commitment to making a difference and creating value in communities remains at the core of our approach. Our focus is all about connecting communities and delivering what our members and customers want, need and care about, conveniently.”

The retailer’s Food Share scheme works to minimise food waste and make a difference locally, supporting local not-for-profit organisations who work to tackle food insecurity and share food with those in need in the community.

The Co-op’s Community Shopping Card makes it easier for those self-isolating or who have been instructed to stay at home to shop and pay for their essentials - cards can be purchased or topped-up by calling 0800 029 4592, enabling friends, families, neighbours or volunteers to shop on their behalf in store.

Co-op is owned by around 4.6M active Members, and alongside Food, it operates: Co-op Funeralcare, Insurance, Health and Legal Services. More information about the Co-op is available by visiting https://www.coop.co.uk

For more information, visit www.Fairview.co.uk

Pluto Finance completes £12m development funding for Palmers Green mixed-use scheme

Pluto Finance has a completed a £12 million Senior Development Loan for a residential-led mixed-use scheme by Dominvs Group on the site of The Fox public house in Palmers Green, London N13.

The 0.64-acre site at One Fox Lane was acquired by Dominvs Group in September 2018. The loan facility from Pluto Finance will enable the redevelopment of the two existing commercial units, along with the development of 54 new one- and two- bedroom apartments, 16 of which will be affordable homes. One of the existing commercial units has been pre-let to a gym provider and The Fox public house, let to Star Pubs & Bars, will be redeveloped with the retention of the existing façade.

Simon Chapman, Lending Director at Pluto Finance, comments: “In the context of these wider uncertain times, the delivery of the scheme would have been delayed if it weren’t for the hard work of all parties involved. We are delighted to have completed the development loan for this new client to provide much-needed new housing for the area and look forward to a long working relationship with the Dominvs team.”

Shona Pushpaharan, Head of Capital Markets and Investments at Dominvs Group comments: “Situated less than a 5-minute walk from the train station which provides a 20-minute direct link into Central London, Palmers Green has become increasingly sought-after by first time buyers, individuals and families. With a number of sizeable and interesting parks and a growing number of restaurants and cafes, our development of One Fox Lane will provide the area with a real boost of new homes for sale, along with other amenities.

“Thank you to the Pluto team for their dedication in this is extraordinary time, we very much look forward to working with the team again.”

Pluto Finance has been actively lending since 2011 and is currently funding the development of over 2,000 new homes in the UK.