LEGAL & GENERAL ACQUIRES HESTON INDUSTRIAL MALL FROM CHANCERYGATE

Chancerygate has sold the Heston Industrial Mall in west London to Legal & General’s Industrial Property Investment Fund (IPIF) for £7.675m, reflecting a 7.5% net initial yield. Located in an established industrial area within the West London market, Heston Industrial Mall is situated four miles east of Heathrow Airport and 11 miles west of Central London.

Comprising 51,445 sq ft arranged over a 3.2 acres site, the property is split into 23 units ranging from 1,142 sq ft to 2,848 sq ft. Following the refurbishment of seven vacant units, the estate is currently let to 19 tenants on 21 leases and produces an annual rental income of over £600,000pa.

Eddie Cook, Managing Director of Chancerygate, commented: “Having acquired this asset in 2010, we have achieved our business plan of turning it into an institutionally accepted product and to increase the rental income from the low base that prevailed on acquisition.

“We consider the market sentiment was right for us to exit this asset and will repatriate the proceeds into further asset management and development opportunities where we can maximise the use of our equity.”

Last year, Legal & General merged IPIF with the Falcon Property Unit Trust to create the largest specialist industrial fund in the UK with assets approaching a value of £1bn.

Jonathan Holland, Fund Manager to IPIF at Legal & General Property, commented: “The findings from our market leading tenant engagement tool, Let Direct, have given us strong insight into the increasing occupational demand for this type of product.

“With little competing stock on the market or likely to be developed over the next few years combined with both good fundamentals and a number of planned asset management initiatives, we believe that this will continue to benefit from strong rental growth.”

Jones Lang LaSalle acted for Chancerygate in the sale.

Available properties from Chancerygate

Cardington Point Bedford
Cardington Point
Bedford
36,597 sq ft
Single Unit
Freehold/Leasehold

More details…

Octagon Park Birmingham
Octagon Park
Birmingham
2,146 sq ft
Industrial/Warehouse units
To Let
Units available 1

More details…

Vertex Park
Vertex Park
Emersons Green, Bristol
4.8 acres
Warehouse accommodation
Leasehold
Units available 11

Horizon Park
Gateway 44
Carlisle
2,500 sq ft - 30,000 sq ft
Bespoke
Leasehold

More details…

Site 1
Site 1
Carlisle
10,000 sq ft - 58,000 sq ft
Bespoke
Leasehold

More details…

Chelmsford
Chelmsford
Trade Park
5,005 - 12,000 sq ft
Trade counter/Industrial/
Warehouse Units
To Let

More details…

Eaton Point
Eaton Point
Chorley

3,305 sq ft up to 28,749 sq ft
Industrial/Warehouse
For Sale/May Let

More details…

Eaton Point
Unit One Eaton Point
Chorley

47,478 sq ft
Industrial/Warehouse
To Let

More details…

Dartford Brochure
Panorama
Dartford
4,650 to 23,842 sq ft
Industrial/Distribution
Warehouse units

More details…

The Grid
The Grid
Enfield
5,867 to 39,560 sq ft
Industrial/Warehouse
For Sale/To Let
Units available 9

More details…

Tannochside
Tannochside Business Park
Glasgow
17,347 sq ft
Industrial/Warehouse
Leasehold

More details…

East Place
East Place
Harlow, Essex
5,005 sq ft to 34,951 sq ft
Trade counter/Industrial
For Sale/To Let

More details…

Spring Park
Spring Park
Hemel Hempstead
4,975 - 10,800 sq ft
Warehouse/Industrial/Trade Counter
To Let

More details…

Wye Business Park
Wye Business Park
High Wycombe
15,715 - 32,140 sq ft
Industrial/Warehouse
For Sale/To Let
Units available 3

More details…

Irlam Business Park
Irlam Business Park
Irlam
1,918 - 3,153 sq ft
Industrial/Warehouse
Leasehold
Units available 3

More details…

Knutsford Cheshire
Novus
Knutsford, Cheshire
3,000 sq ft to 100,000 sq ft
Industrial/Warehouse units
Warehouse Units
To Let/For Sale

More details…

Mersey Reach
Mersey Reach
Liverpool
11,500 sq ft - 90,000 sq ft
Industrial/Warehouse
Leasehold

More details…

Twyford
Livingston
 
3,500 sq ft to 66,900 sq ft
Industrial/Warehouse
To Let/May Sell
Units available 9

More details…

Vale Industrial Park
Vale Park
London
2755 and 3249 sq ft
Warehouse accommodation
To Let
Units available 2

More details…

Hemel Hempstead
Maidstone Exchange
Maidstone, Kent
1,775 to 80,000 sq ft
Trade counter/Industrial
Freehold/Leasehold
Units available 12

More details…

Satellite Park
Satellite Park
Manchester
17,896 sq ft
Trade Counter/Warehouse Unit
To Let

More details…

Milton Keynes Trade Park
Milton Keynes
Trade Park - Phase 1
2,385 sq ft
Industrial and trade units
Leasehold
Units available 3

More details…

Milton Keynes Chancerygate Business Center
Milton Keynes CBC
Trade Park - Phase 2
1,905 - 9,956 sq ft
Trade units
To Let
Units available 15

Horizon Park
Horizon Park
Poole
1,658 to 20,129 sq ft
Warehouse/distribution units
Freehold or Leasehold

More details…

Klinger Aerial
Klinger Industrial Park
Sidcup
5,845 sq ft to 46,393 sq ft
Warehouse/Trade counter/
Roadside
For Sale or To Let
Units available Q3 2017

More details…

Apollo Park
Apollo Park
Yate
3,500 sq ft to 32,000 sq ft
Industrial/Distribution/
Warehouse
Freehold or Leasehold

More details…