7 November 2017: 5:16 pm
Glenny enjoys letting surge
Property consultancy Glenny advised on a number of high-profile lettings in Basildon in the autumn.
The letting of the Dunton Distribution Centre to an independent distribution provider specialising in e-commerce represents the single largest warehouse letting in Basildon in 10 years.
The letting by MJT Securities and Laindon Holdings of the 14,586sq m vacant warehouse to P2P Mailing came after its previous Basildon depot suffered fire damage.
Also in the same month, London & Scottish Investments, the asset manager for Regional REIT, let Unit 1 on Juniper Park, Basildon, to national furnishings retailer, ScS. The warehouse and office unit consists of 6,039sq m.
Meanwhile, Legal & General’s Industrial Property Investment Fund (IPIF) has let three units on Festival Business Park to Global Freight Connections, Leonardo MW and TeamSport Go Karting (pictured above).
Jim O'Connell, divisional partner in the Business Space Agency team at Glenny, said: "The disposal of these three mid-sized warehouses on Festival Business Park represents a successful investment for IPIF. Now fully-let on long-term leases to three reliable occupiers, the new lettings also repositioned the rents on the park, achieving for the client substantial increases over and above the previous rents."
Construction continues at Genesis Endeavour Park, believed to be Basildon's only existing speculative warehouse development. The site comprises four, detached industrial units ranging from 1,281sq m to 3,310sq m and is due to be ready for occupation in December 2017.