Orchard Street Investment Management (‘Orchard Street’), the specialist commercial property investment manager, together with leading industrial developer, Chancerygate, has let two high quality warehouse/distribution units prior to practical completion at its Maylands Point development in Hemel Hempstead.
A 36,000-sq ft Unit 1 has been let to Selco, the builders merchants, at a rent of £10.50 per sq ft. Unit 2, comprising 22,400 sq ft has been let to a leading national distribution company at a rent of £9.50 per sq ft. Both leases are for 10 year terms.
Conveniently located for Junction 8 of the M1 and only three miles from the M1/M25 junction, the high specification units front Maylands Avenue and offer HGV access at the rear, together with secured yards.
Orchard Street acquired the site as part of the £100m Orbital portfolio acquisition in 2015, and Chancerygate was appointed as development partner thereafter.
Helena Kolsaker, Asset Manager at Orchard Street Investment Management said: “We are very pleased with the success of this speculative development, which has proved to be an excellent investment on behalf of our clients.”
Chancerygate’s Head of Development, Tim Johnson added: “These lettings illustrate the strength of occupier demand for high quality buildings, which is underlined by the fact that both businesses are new entrants to this strategic location.”
Colliers International advised Selco. Brasier Freeth and dohertybaines were letting agents for the scheme.