LaSalle and Wrenbridge’s 120,000 sq ft industrial development is 85% pre-let ahead of PC
The joint venture between LaSalle and Wrenbridge has seen the Arc warehouse scheme in Aylesford, Kent being 85% pre-let. The 120,000 sq. ft. development comprises four industrial units and two drive-through units; the drive throughs having been taken by McDonalds and Costa. The BREEAM ‘Excellent’ scheme also features an ‘ecological park’ for use by the general public and occupiers.
The first of the industrial units has been let to Swegon, a market leading business offering solutions for ventilation, heating, cooling and climate optimisation. The company has exchanged contracts for a 15-year lease at the 70,861 sq ft unit, with completion due in Q2 2021. Of the three remaining units, Must Have Ideas has agreed to take 36,867 sq. ft. on another new 15-year lease. Despite the impacts of Covid-19, Must Have Ideas is experiencing record sales, with revenue up 40% on forecasts, and employing 63 staff.
The final remaining unit is detached and comprises 19,085 sq. ft. of Grade A accommodation, with 10m eaves and a yard depth of 28m. The scheme was designed to a high standard of sustainability and will achieve an EPC ‘A’ rating upon practical completion. CBRE and Altus Group are advising.
Jonathan Hawkes, Fund Manager at LaSalle Investment Management, said: “We are extremely pleased with how the scheme has been received by occupiers prior to PC and are hopeful that the final remaining unit will let quickly. We recognise the importance of incorporating sustainable & wellbeing aspects into all our development projects in order to provide occupiers with an attractive and better working environment.”
Jamie Garrett, Director of Wrenbridge commented: “We are delighted to pre-let 85% of the scheme months ahead of practical completion at this new logistics park. These pre-lets are a testament to the quality of the scheme, in an area with a lack of supply in a starved market.”
Chris Finch, Director of Must Have Ideas, said: “There’s very little suitable stock available in the area at the size that our growing business needs, which is why we were so pleased to secure a prime unit on this exciting new development. We’re particularly pleased that Wrenbridge has designed these units to be best-in-class in overall design and energy efficiency. Wrenbridge and CBRE have been a pleasure to deal with and we were able to do the deal swiftly. We’re excited to get the keys as soon as possible!”
Robin Vollert, Managing Director of Swegon UK & Ireland Group , said: “Swegon were looking for an opportunity to provide a high-quality home for their UK subsidiary Waterloo in a leveraged location that would fit well with our commercial requirements to have ready access to London, the motorway network and the channel tunnel. The Arc location will allow Swegon to continue to attract and retain high performing staff from the South London and Kent talent pool. We are very pleased to secure the Lease on Unit A and are confident that it will support our plans for business development and growth in the years ahead.”