At Greenford Park, Greenford, one of three speculative buildings currently being developed has been pre-let to snack foods producer Spurway Catering. Spurway has signed a 20 year lease on 27,000 sf without break at a rent of £9.50 ($13.10) per sf and six months rent free.
Practical completion of Phase 1 at Greenford is due on 31 July 2001. The project is being developed by the Premier Greenford Limited Partnership, a 50:50 joint venture between Brixton and Pearl Assurance and in addition to the Spurway unit, two more buildings of 33,9000 sf each are under construction.
This latest deal demonstrates strong rental growth at Greenford Park. In September 1999 Entertainment UK pre-let a 233,000 sf warehouse at £7.35 ($10.14) per sf. And in February 2001 Booker pre-let a 41,500 sf cash and carry facility at £8.70 ($12.00) per sf.
Planning applications have been submitted for 372,000 sf of distribution space in two buildings of 198,000 and 174,000 sf but a start on site is unlikely without a pre-letting. Holley Blake and King Sturge are letting agents.
And on the West Cross Industrial Park at Brentford, also in West London, Brixton has let a 49,887 sf refurbished unit at 6 Shield Drive to BMW as a service facility. The german motor manufacturer has taken a ten-year lease without break at £386,625 ($533,5542) per annum or £7.75 ($10.70) per sf. Six months rent free has been granted.
Another 32,000 sf unit on the park is under offer, leaving just two units of 12,000 sf each available. Brixton's letting agents Strutt and Parker and Brown Harknett are quoting rents of £8.75 ($12.08) per sf.
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