Chancerygate acquired the rare brownfield site for £7m in cash on an unconditional basis.
The total size of the site is 6.67 acres, which incorporates a 105,100 sq ft new-build multi-unit industrial estate with 14 units from 3,175-13,249 sq ft and a refurbished Grade II listed building of 61,560 sq ft.
Within three months of acquiring the site, contracts were exchanged with Titan Storage Solutions to purchase the Klinger Building with a view to it being converted into a facility suitable for industrial and warehouse use (subject to planning and listed building consent). At the same time, pre-lets were agreed with Sally’s Hair & Beauty and Halfords Autocentres for new-build trade counter units.
Refurbishment of The Klinger Building
The site falls within the jurisdiction of a number of local authorities and the Klinger Building was registered as at risk on both English Heritage and Historic England’s risk registers. All stakeholders were keen to see the building redeveloped whilst maintaining its key architectural features and to ensure that the rest of the scheme would be designed in a way to complement the listed building. These factors required Chancerygate to assemble a specialist professional team beyond our typical stable of advisors.
In order that Titan’s requirements for an industrial and warehouse facility could be met, Chancerygate engaged with the occupier at the pre-planning stage. Chancerygate then reconfigured the design to meet its requirements and deliver the conversion.
It was decided that the Klinger Building’s more impressive features should be conserved, including the central clocktower as well as the front and side façades with their impressive stonework and Crittall windows.
In order to stabilize and support the retained façade, detailed design and engineering works were required. An array of temporary steelwork was installed before the floors, roof, rear walls and basement were removed and the façade left standing. Across the rest of the scheme, finer details were considered to complement the Klinger Building. For example, two of the new units were built using handmade bricks to match the original bricks.
The project has brought a landmark listed building of local significance back to use. The property is no longer an eyesore, nor it is on a risk register.
The new-build industrial and warehouse scheme
The original business plan had been to speculatively develop the new build units in one phase and to dispose of them on a freehold basis. However, following the submission of planning, M&G Real Estate made an offer to forward fund the scheme with the sale price exceeding projected values. The scheme was therefore 100% pre-sold prior to starting work on site.
The new build aspect of the scheme achieved a BREEAM rating of Very Good with an EPC A rating. Green initiatives include photovoltaic panels to each unit with 20% of car parking spaces having electric vehicle charging points. The Klinger Building also benefits from electric vehicle charging.
The scheme has provided M&G Real Estate with exposure to the industrial and warehouse property market in Greater London and allowed the investor to input into the design, layout and unit specification whilst all planning and construction risk was left with Chancerygate.
The new-build scheme
• Units 3-6 and 12-14 minimum clear height of 8.4m
• Units 7-11 minimum clear height of 6.5m
• Generous yard and car parking provisions
• 1 full height loading door per unit
• Floor loading of 37.5 kN/sq m
• Ability to combine units
• First floor offices
• Excellent access to A20, M25 and Central London
• Potential to secure service yards
• Photovoltaic Panels
• Low air permeability design
• Electric vehicle charging points
• 15% warehouse roof lights increasing natural lighting
• High performance insulated cladding and roof materials
• Secure cycle parking