CPP appoints Industrial & Logistics Director to head up North West expansion

Following the strategic acquisition of Moriarty & Co, CPP is continuing its UK expansion with the appointment of Industrial and Logistics Director Nathan Khanverdi to spearhead its North West operations and the opening of a new Manchester office, which will serve as a pivotal base for growth in the region.

Nathan brings a proven track record from his time at Colliers, where he began his career over seven years ago and was appointed Director in 2024. His rapid rise reflects the significant value he has delivered through high-profile deals.

Specialising in Industrial & Logistics development, acquisitions, leasing, and occupational strategy, Nathan has worked with major clients such as Firethorn, Tungsten, ChanceryGate, Tristan Capital, PGIM, and Derbyshire County Council. His career highlights include the acquisition of 432,000 sq ft on 21.5 acres for Firethorn at Hardwick Grange in Warrington and securing a 243,000 sq ft unit development site for Tungsten Developments/BAPF, now let to Farmfoods. Other achievements include delivering a 30-acre site with a 500,000 sq ft speculative unit named Arc Royal, a site that CPP are joint agents on. 

Toby Vernon, Director and Co-Founder of CPP, says: “With our recent acquisition of Moriarty & Co, launching the business into the North West and strengthening our Industrial and Logistics platform across Yorkshire and the Midlands, Nathan’s appointment marks the next step in our expansion plans. A high-profile operator in the North West, Nathan’s expertise and energy will be key to building the business in this region and strengthening CPP’s operations nationally.”

Nathan adds: “Joining CPP at such a pivotal moment is an incredible opportunity to make a real impact. With CPP’s ambitious vision and respected reputation, I’m confident we can drive meaningful growth across the North West. I’m eager to bring my problem-solving mindset, regional expertise, and passion for delivering impactful results to the team. Working closely with Steve, Toby, and the wider team, aiming to strengthen CPP’s presence in the region and help solidify its position as a market leader nationally.”

CPP is a cross-sector real estate advisory business specialising in leasing, development, capital markets, and property/asset management. Founded in September 2013, CPP operates from offices in Leeds, Sheffield, Nottingham, and London, with the newly opened Manchester office marking its fifth location. The Manchester office is set to play a key role in supporting the firm’s innovative and client-focused approach to growth across the UK.

OVERALL TAKE UP EXCEEDS EXPECTATION ACROSS THE SOUTH EAST INDUSTRIAL MARKET

Following a dramatic fall in take up in the first half of 2024 (56% down), 2024 came to a close looking largely better than expected at just 22% down on the previous year, according to SHW’s Q1 2025 Industrial & Logistics Focus, demonstrative of decisions being made as the new government takes hold and the Autumn Budget changes become clearer.

Rental levels have broadly remained level across the South East industrial market, with an uptick in availability across most areas with a number of second hand units coming back to the market but also more high-quality newbuild options which occupiers are navigating towards also coming forward.

Tim Hardwicke, SHW’s Partner and Head of Agency, comments: “Take up was down in 2024, which was to be expected in a year that saw a new government and a radical budget announcement. However, with a clearer future, interest rates stabilising, investor appetite and over 5 million sq ft of lease events scheduled across the South East over the next 18 months – recorded on SHW’s exclusive database - we expect transactions to increase this year, bringing them back up to average levels.”

ESG remains important for occupiers and investors alike. Green buildings with lower running costs remain attractive for occupiers, and developer appetite for sites for new build is still high, with many speculative schemes going ahead to cater for the demand in stock.

Tim adds: “A good indicator for the year ahead lies with Panattoni’s confidence in speculative industrial/logistics development across areas such as Burgess Hill, Brighton and Crawley. With two lettings just completed in Burgess Hill and good interest in the Brighton scheme, Panattoni has now purchased another site on the Sussex coast for further speculative development, showing demand for new, quality, sustainable stock is very much alive.

“Others also have confidence in the South East such as Goya Developments and Dunmore - who have speculative developments in Billingshurst – along with GLI in Croydon and Prologis in Beddington.”

For more information and copy of the SHW Q1 2025 Industrial & Logistics Focus, please contact any member of the SHW team.

Panattoni Secure next letting at Panattoni Park Burgess Hill

Panattoni, the world’s largest privately owned industrial developer, has announced the letting of a 22,500 sq ft unit at Panattoni Park Burgess Hill to Austin Racing.

Austin Racing has signed a 10-year lease for the facility, and will use the space to enhance the delivery of motorcycle and electric go kart parts in the Southeast and beyond. This will help expand Austin Racing’s operations, streamline production and distribution, and support the growing demand for its products. It will also create job opportunities in the region, driving the economic growth of Burgess Hill and the surrounding areas.

The specialist motorcycle exhaust and electric go kart chassis manufacturer was founded in 2015 and is the first company worldwide to offer handmade Grand Prix F1 technology inconel exhaust systems to bike race teams as well as retail customers.

Panattoni Park Burgess Hill, launched last summer as a speculative development, is a mid-box last-mile logistics park. As part of Panattoni’s commitment to sustainability, the park offers state-of-the-art sustainable features, advanced energy performance and extensive warranties, with ratings of BREEAM Excellent and EPC A.

The park contains a flexible range of 12 available units, with sizes from 8,142 sq ft to 403,708 sq ft, providing modern, high-specification facilities, and its location, just off the A23, and in close proximity to the M23, Gatwick Airport, and Brighton, allows quick access to communities across West and East Sussex.

David McGougan, Development Director at Panattoni, said: “Austin Racing’s reputation as a leading manufacturer for F1 exhaust parts and commitment to individually produced, handmade products makes the company an excellent addition to the Park. This letting, following EMED’s decision to base its regional headquarters at Panattoni Park Burgess Hill, highlights the site’s growing reputation as a leading destination in the Southeast for businesses seeking strategically-located, high-quality, sustainable spaces. The lettings at Panattoni Park Burgess Hill demonstrate our confidence in the demand for Grade-A mid-box opportunities in undersupplied locations.”

Richard Austin, Owner & Managing Director at Austin Racing, said: “The opening of our new facility in Panattoni Park Burgess Hill will allow us to streamline the distribution of our exhaust systems and chassis, continue manufacturing cutting-edge motorcycle and electric go kart parts and create 20 jobs. The quality and design of Panattoni’s development and its strategic location has allowed us to create our own state-of-the art-fully electric go karting track, not just for our extensive in-house testing purposes but more excitingly allowing the public to experience this amazing facility. We are pleased to have worked with Panattoni and excited to get set up in the brand-new unit.”

Austin Racing’s tenancy demonstrates growing demand at the park, following EMED Group, an established healthcare logistics provider, relocating from its head office in Horley to a 35,000 sq ft unit in Panattoni Park Burgess Hill last month.

Jon Mawer, Head of Operations for Sussex at EMED Group, said: “We are thrilled to establish our new regional headquarters at Panattoni Park Burgess Hill. This strategic location will play a key role in supporting the successful delivery of our Patient Transport Service for NHS Sussex, ensuring that EMED Group can provide safe, reliable and efficient care for patients and communities across the region. The state-of-the-art facilities at Panattoni Park reflect our commitment to innovation and sustainability as we look ahead to the future of patient transport in the area.”

SHW, DTRE and Lambert Smith Hampton are retained as letting agents at Panattoni Park Burgess Hill.

Introduction of High Street Rental Auctions (HSRAs): New Legal Powers For Councils To Transform Vacant Properties

In December 2024, local authorities across the country gained new powers aiming to revitalise high streets by converting long-term vacant commercial properties into new hubs for businesses and community groups. If certain criteria are met, Councils can enforce these changes without consent of the Landlord and/or Mortgagee.

Key Details:

1.      Introduction of HSRAs: From 2 December 2024, councils can auction leases for properties left empty for over 365 days within a two-year period.

2.      Legislative Backing: This change is part of the Levelling Up and Regeneration Act 2023, further empowered by new legislation laid in November.

3.      Length of Lease: Councils have the power to auction a 1 – 5 year lease at their own discretion.

4.      Criteria: To be within the scope of the local authorities HSRA powers, the premises must:

1. be situated on a designated High Street or in a designated town centre. This is determined by the Local Authority.

2. be considered beneficial to the local economy society and/or environment.

3. have been vacant for the entirety of the preceding year or 366 days in the preceding 2 years.

Kieran Edwards, Surveyor in SHW’s Professional team, says: Notices will need to be served upon owners before possession can be handed over. A £1 million pound grant has supplied by the Government to support the auction process, however the Local Authority has the option of requiring the successful bidder to pay for the legal costs involved with preparing the auction pack, including lease documents. Unfortunately for the Landlord, they will have to bear their own costs, including any works deemed necessary to bring the property up to the minimum standard of repair and energy efficiency.

“The change marks a contentious shift in power from landlords to local authorities. We are yet to see whether local authorities will actually exercise these powers, but we will be keeping a watchful eye in the years to come”.

Entries invited for first Commercial Property Network auction

Cheffins is calling for entries for an inaugural national auction collective launched by The Commercial Property Network (The CPN), a network of privately-owned commercial property advisory firms spanning the UK.

The timed online auction is being hosted by Cheffins, a CPN member, on Wednesday, 19th March and will feature commercial properties from all over the country.  Launched to provide an independent service for the many commercial real estate opportunities that are suited to the auction format, CPN Auctions provides a unique offering to the market. The UK-wide coverage of 33 member firms and the network’s granular local knowledge and valuation expertise will bring together an unrivalled spread of commercial property opportunities.

Ian Kitson, Divisional Director at Cheffins, comments: “The collective nature of the network, coupled with the online auction format, provides the opportunity to reach a wide network of buyers, nationally and internationally, with the binding nature of the auction contract committing buyers and sellers on the fall of the hammer to keep timescales concise. We would welcome entries from commercial property owners who are considering selling at auction.”

Formed 60 years ago, The Commercial Property Network offers expertise to organisations looking to maximise the management of their commercial property assets, whether that is through commercial investment, building consultancy, property management or any of the 14 services offered. It covers all aspects of commercial property, advising on the whole property lifecycle, from investment strategy and acquisition to planning, development and construction, asset/property management, property management, sales and lettings and disposals.

To submit a property for the March auction, please contact your local CPN Member (www.thecpn.co.uk/firms/) or Cheffins via cpnauctions@cheffins.co.uk or 01223 869727.  The closing date for entries is  Wednesday, 19th February.

New tenant for Croydon’s Bernard Weatherill House

SHW has secured a new tenant, on behalf of Croydon Council, at Bernard Weatherill House, exchanging a new lease on the 6th floor of  the building, totalling 16,180 sq ft - one of the largest office floorplates available in Croydon.

Located at 8 Mint Walk, in the heart of Croydon, Bernard Weatherill House is a modern office building, totalling c.235,000 sq ft, offering flexible, fully fitted and furnished open plan spaces with excellent tenant facilities, including an onsite café, shower and bike storage, 6 passenger lifts and outside terrace areas.

SHW is retained as letting agent for the remaining 42,036 sq ft of office space now available at Bernard Weatherill House, with available floors ranging from 8,484 to 16,103 sq ft. 

Thomas Tarn, Associate at SHW, says: “Bernard Weatherill House is an attractive, modern building - one of the newest office buildings in the Croydon market. There are just a few more floors available to let including another 16,103 sq ft which is the 2nd largest floorplate currently available in Croydon.”

Croydon is strategically located in South London with East Croydon Station providing fast and frequent services to services to London Victoria, London Bridge, Blackfriars, Gatwick and Brighton. Bernard Weatherill House is also just a short walk away from the Tram stops on George Street and Wellesley Road, which connects Croydon to Wimbledon. Croydon is located on the A23 between Central London and the M25 providing easy access to the national motorway network.

Canmoor & Tristan deliver new West Midlands urban logistics scheme to the market

Canmoor and Tristan Capital Partners have completed the largest, mid-box, speculatively built urban logistics / manufacturing schemes in the Midlands, appointing JLL, Savills and DTRE as letting agents.

The new, high-tech, urban logistics / manufacturing hub, Urban8, is located in King’s Norton, an established and strategic industrial, logistics and manufacturing area in the heart of Birmingham - already home to occupiers including Selco, Braun Sterilog, Mondalez-Cadbury, Wickes, Appleton Woods and CTD Tiles. The immediately available speculative development, provides eight, cutting-edge units, ranging from 26,000 to 70,000 sq ft, offering the latest ESG amenities.

Set in green, landscaped surrounds, Urban8 provides an inspiring space for employees to enjoy and thrive. The development has achieved the rare BREEAM Outstanding rating, with EPC A ratings throughout, reflecting the ESG focussed design to include large scale roof mounted solar PVs, EV Charging, cycle storage, and sustainable travel options available being situated within a four minutes’ walk of Kings North Station, with regular train services to Birmingham New Street.

The scheme’s strategic location also provides easy road access to J2 of the M42 and to Birmingham City Centre.

Tom Maltby, Director of Canmoor, comments: “We are excited to officially launch Urban8 to the market. As one of the largest speculatively developed mid-box multi-unit schemes in the country – in one of the UK’s top five distribution locations – with top-quality, high-end, ESG led design credentials, we have already seen good occupier interest in the site. The availability of additional power to the site is also a top draw for modern occupiers’ needs. We also believe this fills a much-needed gap in the Birmingham market for new high quality mid box warehousing/industrial space.”

Each of the eight units are secure and detached with 24-hour access. The warehouse units provide up to 12.5m clear eaves hight and up to 45m secure service yards, with ample office space provision. XL Power supplies (5MVA on site) are available for each unit, which includes on site generation of more than 37% of energy requirements through low carbon measures.

JLL, Savills and DTRE are retained as letting agents for Urban8.

CUBE RE lets recently acquired Warrington logistics unit as part of its industrial portfolio expansion

CUBE RE (Cube), on behalf of the Hathaway Opportunity Fund, its joint venture with the NFUM, has completed the letting of Hathaway 89, Warrington, an 89,214 sq ft logistics unit located in the prime logistics area of Warrington, Cheshire.

The newly developed, Grade A building was acquired in September 2024 with vacant possession as part of Cube’s expansion of its industrial and logistics portfolio.

A lease was completed to Oak Tyres UK Limited, a leading distributor of car tyres in the UK. The building was taken to expand Oak Tyres’ operation in the North West.

Nic Lowry, Investment Director at Cube, says: “We are really pleased to have let Hathaway 89, Warrington to Oak Tyres, following the acquisition the vacant property in September. This latest acquisition and letting follows on from our purchase of Hathaway 32, Poyle which was acquired and successfully let to C.H. Robinson, the third-party logistics company, within 4 months.

“We continue to look to acquire more investments for the Hathaway Opportunity Fund in the industrial and logistics sector, and with the repricing of land and stabilisation of build costs, we are keen to explore development sites in strategic locations.”

Peter Cross, Commercial Director at Oak Tyres says: “Adding this new warehouse to our existing network will both bolster our overall storage capacity, and boost our service offer across North West England. Omega South is a prime distribution location - well connected to the local motorway network - and places us a step closer to tyre retailers in Warrington, Wirral, Merseyside, and Cheshire."

Hathaway 89 is a Grade A logistics unit benefitting from a BREEAM Excellent certification and an EPC Rating of A+. The building is situated on Omega Boulevard in Lingley Mere. With easy access to the M62, Manchester, Liverpool and beyond, other major occupiers in the area include Amazon, Asda, Hermes, Travis Perkins and Royal Mail.

Williams Sillitoe, CBRE and B8 Real Estate advised Cube on the letting and Avison Young represented Oak Tyres. TT&G advised Cube on the acquisition of the Property. Gowlings WLG represented Cube on both the acquisition and letting.

Sutton's Chancery House attracts new tenant

CLS Holdings, advised by SHW, has welcomed Agility ECO to Chancery House in Sutton, completing a new lease with the local firm.

Agility ECO, part of M Group Services, will be relocating within Sutton to take part of the second floor at Chancery House, comprising 4,711 sq ft of high-quality office space, on a new 10-year lease.

Thomas Tarn, Associate at SHW, says: “CLS’s strong commitment to improving the offering at Chancery House, over the period of their ownership, has made this to ‘go to’ office building in the town for professional firms seeking quality, professional office space.”

Acquired by CLS in 2015, Chancery House has undergone a contemporary refurbishment programme, benefitting from significant investment into this prime town centre business space. The 55,000 sq ft office building now has new lifts, refurbished entrance and common parts, along with new showers cycle racks and disabled WCs, plus EV charging points. The building benefits from a zero carbon emission certified supply, with electricity fully supplied by 100% natural renewable sources.

Oscar Smith, Asset Manager at CLS says: “Sustainability is an integral aspect of our purpose to transform office properties into sustainable, modern spaces that help businesses grow and we are pleased to be able to welcome Agility ECO to our building.”

Following this latest letting, further availability within Chancery House includes the remainder of the 2nd floor (2,163 sq ft), the newly refurbished part 3rd and 4th floors (2,418 sq ft and 2,261 sq ft) and the option to take the whole 4,807 sq ft 8th floor, refurbished to a landlord base specification to suit the occupier.

CLS are represented by SHW and Chase Sinclair Clark. 

Sutton has seen extensive investment in the town centre in recent years including a new 131,500 sq ft Sainsburys supermarket at the bottom of the town and the construction of Sutton Plaza including a new Ibis hotel adjacent to Sutton Rail Station together with a swathe of new homes. The pedestrianised High Street which has 2 major shopping centres -St Nicholas and Times square-has a wide array of national retailers including M&S, Boots Waterstones and Flannels and an excellent selection of food and beverage offerings for occupiers. Sutton Station provides Southern services to London Victoria and London Bridge, and Thameslink services to Wimbledon, London Blackfriars and beyond. The town centre also features an extensive bus service.

Immaterial comes to Canmoor’s Accelerator Park

Canmoor has completed a new letting at Accelerator Park, Sawston, with Immaterial taking occupation of Unit 3 of Phase 1 of the scheme, previously known as South Cambridgeshire Business Park.

The Cambridge-based clean technology company, specialising in highly porous metal-organic frameworks (MOFs), has taken the 12,529 sq ft business unit, comprising 11,445 sq ft of warehouse space with a 1,084 sq ft office, as part of their expansion plans as they continue their work to make carbon capture and hydrogen storage more economical and sustainable for industrial customers.

Phase 1 of Accelerator Park comprises a modern campus of 13 highly specified units, suitable for a variety of R&D and production uses. Immaterial will be joining Echion Technologies, Pulpex and other occupiers in the ownership including Biocair and Cambridge University Hospital NHS.

Sam Walker, Director of Canmoor, says: “Sawston is becoming an increasingly established location for science and tech operators, and we are delighted to welcome Immaterial to Accelerator Park, joining a host of similar operators who have already made their home in this evolving business community.”

Owen Garrigan CTO of Immaterial, comments: “We are delighted to have secured this space at Accelerator Park, Sawston, it will enable us to rapidly scale up production of our unique MOFs, and to supply our customers with the materials they need to achieve their sustainability goals by capturing carbon and storing hydrogen.”

Units 4 and 8 are the last remaining units in Phase 1, now available for occupation. Canmoor and Tristan Capital Partners are also pushing forward with the development of Phase 2 of Accelerator Park which will provide three brand-new GMP ready, R&D / life science buildings totalling 86,000 sq ft to continue the evolution.

Accelerator Park is strategically located in the heart of the South Cambridge biotech cluster, within two miles of Babraham Research Park, Granta Park and Unity Campus, and five miles from Addenbrook’s Hospital.

Phase Two is expected to ready for occupation in Q2 2025. The new units range from 20,000 to 35,000 sq ft, providing highly sustainable warehouse space with 10m eaves height, along with high percentage Cat A lab/offices on ground and first floors, with 136 car parking spaces and ample secure cycling storage. In addition, Canmoor have also recently achieved Practical Completion on the refurbishing of two existing buildings Units N & P2, comprising 16,511 sq ft and 5,414 sq ft, located on their adjacent ownership at Dales Manor Business Park.

The surrounding area is also undergoing rejuvenation with the recent construction of the new Cambridge City Football Stadium and training facilities, as well as Abstract’s neighbouring South Cambridge Science Centre. Other benefits include an onsite café at Ashwell Point, that opened in late October and a private gym within Canmoor’s ownership.

DTRE and Bidwells are joint letting agents for Accelerator Park Phase 1 and 2 and the new refurbished units at Dales Manor.

Eddison is retained as letting agent for the office space at Ashwell Point.

Chancery House attracts new tenant

CLS Holdings, advised by SHW, has welcomed Agility ECO to Chancery House in Sutton, completing a new lease with the local firm.

Agility ECO, part of M Group Services, will be relocating within Sutton to take part of the second floor at Chancery House, comprising 4,711 sq ft of high-quality office space, on a new 10-year lease.

Thomas Tarn, Associate at SHW, says: “CLS’s strong commitment to improving the offering at Chancery House, over the period of their ownership, has made this to ‘go to’ office building in the town for professional firms seeking quality, professional office space.”

Acquired by CLS in 2015, Chancery House has undergone a contemporary refurbishment programme, benefitting from significant investment into this prime town centre business space. The 55,000 sq ft office building now has new lifts, refurbished entrance and common parts, along with new showers cycle racks and disabled WCs, plus EV charging points. The building benefits from a zero carbon emission certified supply, with electricity fully supplied by 100% natural renewable sources.

Oscar Smith, Asset Manager at CLS says: “Sustainability is an integral aspect of our purpose to transform office properties into sustainable, modern spaces that help businesses grow and we are pleased to be able to welcome Agility ECO to our building.”

Following this latest letting, further availability within Chancery House includes the remainder of the 2nd floor (2,163 sq ft), the newly refurbished part 3rd and 4th floors (2,418 sq ft and 2,261 sq ft) and the option to take the whole 4,807 sq ft 8th floor, refurbished to a landlord base specification to suit the occupier.

CLS are represented by SHW and Chase Sinclair Clark. 

Sutton has seen extensive investment in the town centre in recent years including a new 131,500 sq ft Sainsburys supermarket at the bottom of the town and the construction of Sutton Plaza including a new Ibis hotel adjacent to Sutton Rail Station together with a swathe of new homes. The pedestrianised High Street which has 2 major shopping centres -St Nicholas and Times square-has a wide array of national retailers including M&S, Boots Waterstones and Flannels and an excellent selection of food and beverage offerings for occupiers. Sutton Station provides Southern services to London Victoria and London Bridge, and Thameslink services to Wimbledon, London Blackfriars and beyond. The town centre also features an extensive bus service.

Cube RE welcomes Pure Gym to St Andrews Square shopping centre, Droitwich

Pure Gym has opened its doors at St Andrews Square in Droitwich, Worcestershire following the signing of a new 15-year lease on the 5,000 sq ft unit. St Andrews Square shopping centre is a JV between Cube and Hathaway Opportunity Fund (“HOF”).

Pure Gym will be open 24 hours and follows the Fund’s strategy of bringing a diversity of offering to the centre, with a focus on increasing the footfall and nighttime economy.

St Andrew’s Square comprises approximately 40 units within a pedestrianised scheme. The town centre shopping centre is anchored by Morrisons supermarket and houses other national retailers including Poundland, Boots, Specsavers, Holland & Barrett, Card Factory and WH Smith, as well as many local, independent retailers.

Jonathan Butcher, Senior Asset Manager at Cube, says: “The fund has spent significant capex on improvements to the centre in the last few months, including new modern gateway entrances, festoon lighting, new centre branding and signage and improved planting throughout. This investment has certainly paid off and we are delighted to welcome Pure Gym to the centre, along with our other recent signings.”

New lettings have recently been finalised including to Arch Rivals - a Worcestershire based micro pub & brewery, Droitwich Nails and Senatie Ltd - a locally owned furniture store, adding to the mix of local and national leisure and retail operators. KLM advised Cube on the lettings.

The improvement works were facilitated by PSK and Crestel with 773C (a Worcester based creative agency) involved in the design and construction.

Almcor secures new lettings for IOS Strategy at Bridgwater’s Axe Road Industrial Estate

Following a refurbishment and repositioning programme, Almcor, advised by JLL and McKinlays, has secured a number of new lettings at Axe Road Industrial Estate, Bridgwater, as part of its Industrial Open Storage (IOS) Strategy.

Having acquired the Axe Road Industrial Estate in March 2024, along with Cherry Road Industrial Estate East and Cherry Road Industrial Estate West, Almcor has invested significantly in the 30-acre, established industrial site to enable new occupiers to benefit from its proximity to Hinckley Point C, Morrisons distribution centre and the Gravity Smart Campus – the site of the new TATA gigafactory, which is projected to create over 40,000 new jobs.

Located to the South of Bridgwater, Axe Road Industrial Estate is conveniently located close to the M5, giving easy access to the North and the South. The Squibbers Way bypass also provides new and improved access to Junction 24 of the M4.

The estate comprises three main elements offering a mix of industrial / workshop units, ranging from 914 to 30,022 sq ft, and open storage compounds and storage yards ranging from 0.12 to 3.27 acres.

In the latest new leases signed, VolkerHighways has taken Unit Y, a 3,490 sq ft detached unit, along with a 0.82-acre yard on a new 12-year lease. The entire site was comprehensively refurbished, including a full refurbishment of the unit, resurfacing and new fencing to the yard.

Compound F, a 1.18-acre yard within main road prominence, has also been snapped up by Adams Morey, a DAF dealership, on a new 10-year lease.  Peter McCluskey, Head of Active Value at Almcor, says: “This site was previously in very poor condition and required full clearance and new fencing in order to be let, with the added benefit of smartening up the front of the estate.”

He continues: “The whole estate was lacking in investment upon acquisition, but we saw the potential in the asset, and the location, and our capital expenditure has paid off. We look forward to welcoming further new occupiers to the area in the near future.”

Sophie Parsons, Surveyor at JLL, retained letting agents for the whole Bridgwater site, along with McKinlays, says: “The refurbishment and repositioning of Axe Road Industrial Estate is very welcome for the area and has enabled us to secure some great new national and local occupiers to the area. Along with Volker Highways and DAF, Unit 39F has recently been let to a private individual to operate an MOT garage and Unit CH1 is now occupied by Jasun Envirocare.”

Unit CH1 is Jasun Envirocare’s fifth factory unit in the Bridgewater area, accommodating the company’s expansion. This unit will be used as a stand-alone manufacturing unit for Carbon Filters used in environmental and pollution control.

Almcor is continuing its investment into the estate, with a few lots remaining available, including Compound V, a 3.27-acre open storage plot and two refurbished barrel-vaulted units which would suit a variety of occupiers.

Boundary sells urban Midlands multi-let investment

Boundary Real Estate Partners (Boundary) has sold its freehold interest Bridge Park & Pinfold Road Industrial Estate to a private client of APB.

The investment comprises adjoining industrial estates with a total of 34 units, configured to provide a mix of functional light industrial, urban logistics and trade units. The site also includes an office complex on a five-acre site with redevelopment potential.

The overall industrial element totals 241,187 sq ft, providing an annual rental income of just under £2 million. Over the last three years of ownership, there have been 21 lettings, renewals and rent reviews across Bridge Park and Pinfold Road Industrial Estates producing an average rental growth of over 12% pa.

Strategically located in Thurmaston, one of Leicester’s prime industrial and logistics areas, the scheme benefits from easy access to the A46, A6 and M1 Motorway, as well as the A607 Melton Road, providing direct access into Leicester City Centre.

Bridge Park & Pinfold Road Industrial Estate was acquired by Boundary in December 2021 as part of the Raynsway Portfolio.

Charlie Walker, Co- Founder of Boundary, says: “Following the completion of the sales programme from the office element of the portfolio, we are delighted to have now finalised the disposal of the industrial segment, following active asset management over the last three years. We are now focussed on delivery of the 50 acres of development land next to the A607, following planning permission earlier this year.”

The new development will provide up to 61,000 sq m (656,620 sq ft) of warehouse/industrial space to provide a gateway location into Leicester, injecting capital into the region and providing substantial employment and economic growth, along with protecting, enhancing, and extending the area’s networks of green spaces.

The development will target BREEAM Excellent and EPC A ratings, ensuring that the design, construction and operation of the buildings meet the highest environmental standards and attract best-in-class operators/tenants.

ACRE Capital advised Boundary on the sale of Bridge Park & Pinfold Industrial Estate. The purchaser was represented by APB Leicester.

CUBE RE acquires Horsham Shopping Centre

CUBE RE (Cube) has acquired the long leasehold interest in Swan Walk shopping centre, Horsham’s principal retail provision, as part of its JV Hathaway Opportunity Fund (“HOF”). The dominant, South East shopping centre has been bought out of receivership from Knight Frank.

Comprising over 300,000 sq ft, Swan Walk is anchored by Marks & Spencer, Next, Boots, and H&M, along with a variety of other retail operators, including WH Smith, Sports Direct and Fat Face. The centre also houses c. 26,000 sq ft of office space which was recently let by Horsham District Council. This will be their new state-of-the-art council offices and the Council are due to take occupation early in the new year following a refurbishment of the space.  

Nic Lowry, Investment Director at Cube, says: “Swan Walk is a great addition to the Fund with an opportunity for us to push forward value add asset management initiatives, including ESG focused building improvements, tenant lease regears and look at the medium-term development potential.

“The centre sits within a growth area, and benefits from a supportive local authority which is committed to retaining Swan Walk as the focus for retailing in the area. There are also a host of major housing developments surrounding the town, bringing an influx of new residents, and shoppers to Swan Walk.”

Horsham is an affluent and attractive market town in West Sussex, 7 miles south-west of the major town of Crawley, 23 miles North of Brighton and 33 miles south of London.

David Erwin of Dunluce, who advised Cube on the purchase of Swan Walk, says: “It’s been a challenging journey for the shopping centre sector, with true value is in short supply. We were delighted to work with Cube and HOF in identifying Swan Walk as an exciting acquisition opportunity at a time when the sector is displaying positive signs of recovery in a town where the demographics are strong, retail supply is limited, the local authority are fully engaged, and where occupiers are thriving within the scheme.”

Cube RE has appointed Savills and Crickmay as letting agents for Swan Walk. Tandem Property has been appointed as Managing Agent for the centre.

Cube RE were advised by Dunluce on the acquisition. The vendor was advised by Knight Frank.

Leading Global Health Marketing Firm comes to The Portland Building, Brighton

SHW, on behalf of developer MRP, has secured the latest letting at The Portland Building to leading global health marketing firm Inizio Evoke.

The award-winning company has taken a 10-year lease on the second floor, comprising 8,550 sq ft at the recently completed best in class sustainable office development, located in the heart of Brighton.

Situated on the corner of Church Street and Portland Street, the now completed fully-electric office has exemplary sustainability and technological features. The operationally net zero carbon scheme achieved an EPC ‘A’, BREEAM Excellent and a WiredScore Gold ratings, making it one of Brighton’s most attractive new offices for environmentally conscious businesses. It also features photovoltaic roof panels, secure cycle spaces accessed via a dedicated cycle ramp, shower facilities, a private courtyard and a communal roof terrace offering panoramic sea views.

This latest signing means the building is now 80% let with only one floor remaining, following the announcement that the FTSE250 company, Close Brothers, and law firm DMH agreed a deal to lease the ground and first floors.

Benjamin MacPhee, Development Manager at MRP comments: “We are thrilled to welcome Inizio Evoke to The Portland Building and delighted that another local occupier has decided to upgrade their office accommodation and has chosen our building as their new home. It’s a sign of the positivity in the Brighton office market and the quality of the building that we are now 80% let with only one floor remaining. We are extremely proud of the role that our team has played in re-energising the immediate area and transforming what was a vacant run-down site for over 20 years, into a modern office that’s helping Brighton businesses grow and expand.”

James Bryant, Director of SHW, retained letting agent for The Portland Building, says: “SHW were delighted to advise on the letting to Inizio Evoke and welcome them to The Portland Building.  With just one floor remaining we are confident the building will be 100% let very soon as more businesses look to upgrade the quality of their office space.”

Four warehouse units let at Manor Royal’s Gatwick Distribution Centre

SHW, on behalf of Columbia Threadneedle, has secured two new tenants at Gatwick Distribution Centre in Manor Royal, Crawley.

Following the refurbishment of 45,000 sq ft of warehouse space in the established distribution location located on Whittle Way, Units 6-7 - comprising a total of 18,000 sq ft - have been let to Thasi Ltd, with Ilecsys taking 18,000 sq ft at Units 9 -10 a month later.

Laura Thomson, Director of SHW, says: “The refurbishment works have provided fresh, quality space for the area with generous loading: a place where occupiers want to be, as demonstrated by the letting to Ilecsys.  The company was originally based in Crawley, before moving out of the area, and saw the opportunity to return when this space became available.

Following these two latest lettings, just 9,000 sq ft of the refurbished space remains available at Gatwick Distribution Centre.”

The whole estate consists of 17 units arranged within two parallel terraces. Units 6-10 have been fully refurbished to include new roofs, resprayed cladding and internal refurbishment with LED lighting throughout.

Gatwick Distribution Centre commands a prominent position fronting Gatwick Road. The site is located within the Manor Royal Business District – the biggest business park within the Gatwick Diamond area and one of the South East’s premier mixed activity employment hubs.

Benefitting from excellent transport links, strategically located just one mile south of Gatwick Airport and the M23, as well as excellent bus and rail links, Manor Royal has attracted a wide range of national, international and logistics companies including Amazon, Boeing, Royal Mail. EVRi, Ocado, Tesco and Thales.

FTD Johns is joint letting agent with SHW for Gatwick Distribution Centre.

SHW sells South East M25/Greater London multi-let industrial estate

Acting as Sole Agent, SHW, on behalf of a private property company, has sold the freehold interest in the Manford Industrial Estate, close to the M25 at Erith, in the London Borough of Bexleyheath, to an institutional investor.

The exceptionally well managed and maintained industrial estate comprises 27 units ranging from 2,500 to 6,762 sq ft, totalling 67,550 sq ft. Let to a variety of occupiers, the investment currently produces and annual income of £809,796, with the potential to extend/develop and increase rental income.

Located on Manor Road, close to the M25, in an established industrial area, the site provides easy access into Central London and the South East,

Martin Clark, Investment Partner at SHW, said: “By offering the property to a carefully selected group, we were able to complete a sale in the timescale required and at a price in excess of the £12.5m guide figure. The knowledge of the SHW M25 industrial agency team, led by SHW’s Senior Partner Alex Gale, was vital, allowing us to clearly illustrate the reversionary nature of the asset and the future opportunities that lie ahead for the buyer.”

Lewis Ellis represented the purchaser.

Green Light for new urban logistics scheme – Base A3 Chessington

Arax Properties, in partnership with Eurazeo’s Real Estate team, have been given the green light for their new urban logistics development in Chessington, South-west London.

Planning permission has been granted by the Royal Borough of Kingston Upon Thames for Base A3 Chessington to provide 104,700 sq ft of multi-let industrial space across seven units, ranging from 9,400 to 24,600 sq ft, expected to be ready for occupation during 2025.

Base A3 Chessington will be constructed to a BREEAM Excellent standard, with an EPC A rating, and will be Net Zero. The development will also incorporate a number of environmental and sustainable features targeting energy consumption, power generation and drainage management.

The units will benefit from yards up to 29m, level access doors, 1 car parking space per 1,300 sq ft and a minimum of 10 cycle spaces per unit. Internally the units will provide 8m eaves, 15% roof light content, fully-fitted CAT A offices and additional storage mezzanine at first floor with a flexible undercroft beneath.

SHW and DTRE are joint letting agents for Base A3 Chessington.

Mark Skelton, Partner of SHW: “The scheme will be built to a high specification, providing a range of unit sizes to suit a wide variety of occupiers and is one of the only speculative developments of this size along the A3 corridor. From our pre-planning marketing, we have been encouraged by the level of interest and demand for the area. Now planning has been granted we are looking forward to providing high quality units to meet local demand.”

Claudia Harley, Associate Partner of DTRE: “Base A3 Chessington brings much-needed, sustainable industrial space to South-west London. This development is designed to meet both occupier needs and the highest environmental standards.”

Base A3 Chessington is being developed in joint venture by Eurazeo and Arax Properties, a pan-European operating partner.

Brighton City Centre Office investment changes hands

SHW and Nightingale Partners, on behalf Wesleyan Assurance Society has sold the freehold interest in Imperial House, Brighton to Exton Estates.

The privately owned, specialist office and industrial property developer plans to comprehensively refurbish the prominent, 11,514 sq ft City Centre office building, bringing it back to life for potential new occupiers. SHW has been retained to let and manage the building.

Martin Clark, Investment Partner at SHW, said: “Imperial House is an unusual product, with well-shaped and sized floor plates, great parking and potential for external space to be added to improve the occupier experience. The numerous asset management opportunities made this an attractive acquisition for Exton Estates, to utilise their development expertise.

“This, plus the strong letting potential in Brighton, where office rents above £40 per sq ft have now been achieved by SHW, demonstrate that Exton Estates can create a premium product and secure lettings which will underwrite the future value of the building.”

Imperial House is located at 40-42 Quens Road in the heart if the centre, within a 3-minute walk of Brighton Railway Station. Arranged over lower ground, ground and four upper floors, the building is majority let to the BBC.

Bray Fox Smith represented Exton Estates in the purchase.