January 31, 2016
Goya Bilsdale is bringing a speculative London industrial development portfolio with a gross development value of £60 million to the market.
Known as Project Hookipa, the three multi-let industrial developments in Orpington, north Chiswick, and Egham are at various stages of construction and will be marketed by Fletcher King.
Orpington Business Park is a 50,000 sq ft nine-unit scheme, completed in December 2015, where three units have already been let. North Chiswick Business Park, a 45,000 sq ft five-unit scheme, is under construction with completion due in June, and one unit has already been let.
The third scheme is at Egham Business Park, an existing estate where Goya has commenced a phased 12-unit redevelopment totalling 108,000 sq ft. 50% of the first phase has already been pre-let on 10-20 year leases to occupiers such as Screwfix, Howdens, and Greypaul.
Jim Bryan of Goya commented: “We have been pioneering in the prime speculative industrial warehouse market in London and South East over the last few years and feel that having derisked these developments from initial purchase, this is an opportune time to reinvest the sale proceeds in fresh projects.
“The Goya brand is all about developing the best specified product in the best areas. With internet shopping, residential expansion, HS2, and Crossrail, the story for the next 5 -10 years will be substantial rental growth in the key/prime areas that are our hunting ground.’
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