Lothbury Investment Management, on behalf of Lothbury Property Trust, has committed to forward fund one of Chancerygate’s recently acquired sites for the development of a prime single storey warehouse and headquarters facility. The assumed net development value is £9.5m reflecting a net initial yield of 5.70%.
Located in Poyle and known as Poyle Central, the completed 43,500 sq ft (4,041 sq m) building will have excellent access to London Heathrow airport cargo terminal, junction 14 of the M25 and the M4, and will be available to let from summer 2016.
Poyle Central is adjacent to Lothbury’s existing ownerships at the Colndale Industrial Estate and Unit 5 Arkwright Road.
Mike Toft, Senior Fund Manager and Executive Director at Lothbury Investment Management, said: “Poyle Central fits very well within our portfolio of core assets. It is in a strategic location and, once let, will produce a healthy income yield. There is a restricted supply of and high demand for industrial property in the environs of Heathrow and will provide us with excellent rental growth, particularly with Heathrow’s likely expansion. This will be an ideal site for businesses supplying operators at the airport, from logistics and cargo companies to catering businesses. We look forward to working with Chancerygate, a respected developer with a proven track record.”
Jonathan Lee, Development Manager at Chancerygate, commented: “The completed building will provide a first class product in a prime location that we believe will outperform for Lothbury with the recent announcement that the Davies Commission has backed the idea of building a third runway at Heathrow. Our original intention was to develop the site then offer the completed scheme to the investment market but then received strong institutional interest to forward fund. We are, therefore, delighted to be working with Lothbury on this exciting project”.
The proposed unit will provide an occupier with a self contained detached facility with fitted offices, as well as generous yards and separately accessed car parking for 33 vehicles.
Lothbury Investment Management was advised by Deloitte. Chancerygate was advised by DTRE.
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