The specialist logistics and industrial team at Bidwells has advised on 2018’s most significant ‘big-box’ transactions across the region cementing its reputation as the ‘go-to’ agent in East Anglia for logistics and industrial agency, investment and development advice.
The logistics and warehouse market has sustained its remarkable growth in 2018 with conditioned demand coming from a wide range of occupiers including grocery, manufacturing and especially the booming online retail sector. Given the chronic lack of stock, much of the on-going demand for the region has been satisfied in built-to-suit transactions where Bidwells has advised.
At Gateway, Peterborough the team has recently completed a 35-acre land sale to Lidl for a regional distribution warehouse of some 600,000 sq ft. This deal follows completion in September of a 300,000 sq ft warehouse pre-sold to logistics provider DSV Logistics and the funding and letting of a 230,000 sq ft state of the art manufacturing facility for E-leather.
Terms have recently been agreed with Coloplast for a new 130,000 sq ft facility which has been forward funded by Equites Property Fund. The property will complete next summer and be the latest Gateway development, completing a remarkable 12 months during which Bidwells has helped create over £90m of development value for its client in over 1.4m sq ft of space on the park
Four serviced plots remain on the site which is capable of accommodating buildings of between 100,000 – 800,000 sq ft. There are currently negotiations taking place on all the remaining space.
Other 2018 highlights for the team include the off-market purchase of 61,000 sq ft at 511 Coldhams Lane, Cambridge on behalf of Travis Perkins; the purchase of a 129,000 sq ft warehouse in Thetford for Clearbell Capital and the letting of 100,000 sq ft in Ipswich to Monument Ltd on behalf of Ipswich Borough Council.
In Cambridge, the team has provided investment and development advice to Goya Developments and Barwood Capital, in the process completing the first two lettings at Buckingway Business Park to NET LED Lighting (32,000 sq ft) and Pioneer (25,000 sq ft) setting a new headline rent north of £9.50 psf and creating much-needed stock for the Cambridge market. Bidwells continue to market the last two units on behalf of M& G (who purchased the scheme for £22m) representing the only available units over 30,000 sq ft close to Cambridge.
The investment team has been active on both the disposal and acquisition side of deals; completing the sale of 192,000 sq ft Bosh warehouse in Stowmarket for £9m and advising on the purchase of the 101,000 sq ft Raynham Road Industrial Estate in Bishops Stortford for £14m.
In July the team was instructed on two new speculative warehouses in Bury St Edmunds. SP147 (147,000 sq ft) and SP204 (204,000 sq ft) are now ready for occupation and provide the only modern ‘big-box’ space in East Anglia. Boasting 12.5m eaves, 50m deep yards and an excellent location adjacent to the A14, they are already commanding a good level of interest.
Patrick Stanton, Head of Bidwells Logistics and Industrial Team, commented:
“2018 has proved to be a record-breaking year for the team. Our detailed knowledge of this specific sector, occupier requirements, sites and buildings across the region is unparalleled and therefore the advice we offer to clients is comprehensive and well researched.
We all continue to monitor events surrounding Brexit, however, market dynamics across our region remain fundamentally strong. We shall continue to work closely with clients to unlock opportunities and value.”