Built for the British Empire Exhibition in 1924, the Palace of Industries is now Grade II listed. It comprises 370,000 sq ft of warehousing space, ofwhich 80% is leased, with lettings agreed for the remainder. The currentrental income from the property is £1.1 million ($1.7 million) but on completion of the next round of rent reviews this should rise to £1.5 million ($2.3 million).
The 10.7 acre Palace of Industries site is immediately adjacent to the 44 acresite acquired by Quintain as a result of its purchase of Wembley (London)Limited in August 2002. Through its involvement in Wembley and the Greenwich Peninsula, Quintain now has interests in 245.5 acres of land identified as 'Opportunity Areas' in the Mayor of London's Draft London Plan.
Quintain's Property Director Nick Shattock said: "Acquiring this income producing site consolidates our ability to provide a comprehensive regeneration of the Wembley area. It also underlines our strategy of balancing income with planning potential."
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