Kier Property
Over the last 12 months Kier Property has completed on the sale of 4 new spec built multi-let investments to capitalise on the buoyancy of the market:
1. Trade City Maidenhead, A 55,000 sq ft scheme that was 60% prelet to Furniture Village with 3 of the 6 trade units also under offer. The investment was sold to Royal London Asset Management in December 2021, just 2 months after practical completion. LSH acted for Kier Property on the sale.
2. Trade City Gravesend, A 35,000 sq ft multi-let scheme let to the likes of Screwfix, Toolstation and Cubico. The scheme was sold in December 2021 to Legal and General for £11.85m. Savills acted for Kier Property on the sale.
3. Trade City Winsford, A 125,000 sq ft 13 unit multi-let scheme and let to an outstanding tenant line-up including Toolstation, Screwfix, British Red Cross and Gemco. The scheme was 83% let and sold for £22.8m in June 2022. B8 Real Estate acted for Kier Property on the sale.
4. Trade City Luton, A 123,000 sq ft 13-unit scheme let to a strong tenant line up including Dnata, A&A Financial, Premier Exports, Etherworldwide, Grant and Stone and Evolution Ceramics. The development reached practical completion in August 2021 and was sold to Aberdeen in June 2022 for £37.9m. Savills acted for Kier Property.
Kier Property also entered into a new joint venture with PGIM Real Estate, to develop a portfolio of light industrial and last urban logistics warehouses across the UK. The venture has £400 million of capital to deploy and will build on Kier’s successful Logistics City and Trade City brands.
We have already acquired industrial sites in Bognor Regis, St Albans, Knowsley and Milton Keynes, with additional sites in the pipeline equating to more than 650,000 sq ft.
Wrenbridge
Over the past year, Wrenbridge has worked on several multi-let schemes in Waltham Cross, Houghton Regis, Bedford, Dartford, and Aylesford. Owing to the high-specification, stellar location and leading sustainability credentials of each scheme, the majority are fully let less than one year post-PC.
Waltham X, London
- Fully let to four investment-grade tenants 9 months post-PC
- Six modern and high-specification units, ranging from 5,000 sq ft to 85,000 sq ft totalling 132,000 sq ft
- BREEAM Excellent, EPC A
- High-grade internal specification provides modern and efficient open warehouse space, supported by office accommodation. High levels of glazing to the entrance cores and office accommodation
- Site sits adjacent to the M25, providing instant access to the motorway network
- The scheme’s most significant letting was to Getir, the ultra-fast delivery pioneers, who agreed to take 110,900 sq ft (1/2) of the scheme. The remaining units were let to A&A Financial Consultancy, Paragon Projection and a final confidential occupier.
Arc, Aylesford
- Fully-let 3 months post PC
- 125,000 sq ft, four-unit scheme
- Ecology park
- BREEAM Excellent, EPC A
Ho11A, Houghton Regis
- Six-unit, 101,000 sq ft Grade A scheme under construction
- Forward sold to IM Properties for £22m
- Targeting BREEAM Excellent and EPC A
- 3 miles from J11A of the M1
Dartford X, London
- High-spec, five-unit scheme ranging from 11,000 sq ft to 66,400 sq ft, totalling 185,000 sq ft
- BREEAM Excellent, EPC A
- Modern and naturally well-let warehouse units with leading sustainability features such as PV panels, EV charging points and water-saving fixtures
- 1 mile from J1A of the M25
- Largest letting to date was to Leathams for the 25,900 sq ft unit
- After being impressed with the quality of Wrenbridge’s Waltham X scheme, A&A Financial Consultancy took 13,090 sq ft of space at Dartford X
- One unit under offer, leaving only one vacant unit
Trebor Developments
Trebor is an established market leader in the Industrial Logistics Sector and has, in the last year, implemented a number of multi-let projects which have seen strong letting uptake across its UK locations.
Projects have included Portside Park, Avonmouth, Bristol, delivering a range of 6 units from 15,000 sq ft to 88,000 sq ft and subsequently sold as investments to NFU Mutual. The Ridge at Haverhill, a development of 5 units ranging from 22,120 sq ft to 100,060 sq ft with the largest unit pre-let to Tait Industries and all other speculative units let prior to Practical Completion to a wide range of quality occupiers. Central Approach, Bristol, representing 2 larger industrial units of 107,660 and 113,573 sq ft, with the first unit pre-let to Oxford Instruments for their new Head Quarters and the second unit available as a speculative development which will complete in July 2022.
The quality of these investments in multi-let development speak for themselves, often developed as a combination of speculative and pre-let developments in a range of unit sizes in order to be attractive to a wide range of occupiers.
Trebor has also secured a wide range of further sites which are now coming forward for development in 2022, ranging from 2-unit schemes to multi-let development schemes, which will deliver a range of over 20 units, all commencing on site during 2022 and a number of sites secured in off-market transactions.
Chancerygate
Chancerygate is the first and only company focusing on the speculative development of multi-unit urban logistics and industrial estates on a nationwide scale for the SME market. We experienced another positive year, completing 12 new developments throughout the whole of the UK.
We had significant success in de-risking our development pipeline with two significant portfolio sales comprising of 11 development projects to two investors for a total consideration of £272m.
All developments completed in the year have been fully divested of concluding successful ‘cradle to grave’ development projects and delivering strong profit to the company.
The business’s speculative acquisition strategy saw its development arm invest £53.2m to purchase 10 new sites across the UK during the period and also deliver 1,270,000 sq ft of industrial space across 12 schemes.
We have also made our European debut, acquiring a site in Dublin, Ireland, in May this year. Subject to planning, we will speculatively develop 114,000 sq ft of Grade A urban logistics and warehouse space across 14 units.
In the last year, we have:
• Grown a pipeline of 4.3 m sq ft over 30 sites
• Obtained 8 planning consents for over 950,000 sq ft of new development
• Placed 10 build contracts with a value in excess of £55m
• Disposed 138 individual units totalling 1.05m sq ft
With offices across London, Milton Keynes, Birmingham and Warrington, our regional knowledge has been key in enabling the growth of the business and facilitating some of its biggest ever development deals this year. With this, we have committed to further expanding into the regions and have opened a Bristol office in September 2021 allowing further penetration of the South West market.
This has enabled us to spread our geographical reach and over the past 12 months have invested in development sites in Scotland and Ireland, becoming the 1st UK national developer to do so.
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