July 25, 2001
Slough Estates plc, the UK’s leading industrial property company, continued its successful phased redevelopment programme at North Feltham Trading Estate, Heathrow, with two pre-let warehouse deals totalling 7,048 sq.m. (75,864 sq.ft).
Federal Express has agreed to take a new purpose-designed 5,029 sq.m. (54,132 sq.ft.) distribution facility to serve the buoyant Heathrow market. The lease will be for 15 years with five yearly rent reviews at an initial rental of £131.86 per square metre (£12.25 per square foot). A three month rent-free period has been granted which will commence on completion of the new building in March next year.
In the second deal, SpaTrans has agreed to take a second distribution unit of 2,119 sq.m (21,732 sq.m.) in order to expand its existing freight forwarding operation on the estate. The new building will be let for 22 years at an initial rental of £145.31 per square metre (£13.50 per square foot) with a six months rent-free period.
Both buildings will be designed and constructed directly by Slough Estates and will bring the total space owned by the Company at Feltham to approximately 91,200 sq.m. (981,675 sq.ft.), with an estimated capital value in excess of £120m.
Derek Wilson, Chief Executive of Slough Estates commented:
“We are very pleased with the continuing success of the North Feltham Trading Estate which has proved to be a very attractive proposition for distribution and warehousing companies because of its size and prime location.”
Notes to editors:
Agents:
De Souza and Fuller Peiser acted for Slough Estates
Rogers Chapman represented Federal Express
SpaTrans was not represented