WRENBRIDGE & PALMER CAPITAL FORWARD SELL PRIME, GRADE A, 53,000 SQ FT INDUSTRIAL DEVELOPMENT
Wrenbridge, a leading UK property developer, has successfully forward sold their 53,000 sq. ft. speculative development, Centron, at Crawley for £13.25m to Henderson UK Property PAIF.
The asset has been sold by Wrenbridge on behalf of Palmer Capital Development Fund IV, a programmatic venture between clients of CBRE Global Investment Partners (“CBRE GIP”) and Palmer Capital.
The asset is situated in one of the South East’s most established industrial areas and is located 5 minutes from Gatwick Airport and in close proximity to both the M23 and M25. Centron is currently under construction and due to be practically completed by the end of December 2018. The scheme will include two semi-detached Grade A industrial units comprising 53,000 sq. ft. in total and will be built to BREEAM Excellent standard.
Wrenbridge have had an incredibly busy year in the industrial sector, securing seven new projects. The company has had a 100% planning success rate and has successfully sold two new build schemes prior to practical completion. Wrenbridge have continued to improve their schemes by using the same highly innovative and creative professional team on all their industrial projects.
Palmer Capital Development Fund IV, backed by CBRE GIP, has extensive resources to acquire additional land for speculative development, having developed a successful track record in industrial projects.
Ewen McLeod, Director at Wrenbridge commented: “We are delighted to have secured an exit to Hendersons and our focus will now be to ensure delivery by the end of the year and provide technical assistance on lettings. We are confident the asset will perform well, offering occupiers an exceptional product in a market characterised by a distinct lack of supply”
Alex Bignell, Region Head of UK, CBRE Global Investment Partners said: “The Centron development represents another success for our clients who continue to support the Palmer Capital Development Fund series. We look forward to funding Wrenbridge and Palmer Capital on further opportunities.”.