Jan 27, 2006
HelioSlough, the joint venture between Slough Estates plc and Helios Properties plc, has purchased Lymedale Cross Business Park, Stoke, Staffordshire from RREEF (formally Deutsche Property Asset Management) & JV partner Barlows plc, for £17.7 million.
The 42.7 acre (17.28 hectare) site comprises 500,000 sq ft (46,450 sq m) of predominantly industrial space, producing an annual rental income of over £840,000. Detailed planning consent has been granted for a further 537,000 sq ft (49,887 sq m), which will include a new 435,000 sq ft (40,411 sq m) Regional Distribution Centre ("RDC") on 21.6 acres (8.7 hectares) of the site, with access via a new link road.
The deal also enables an immediate pre-let of 100,000 sq ft (9,290 sq m) of new and existing warehouse/office space to Spode Porcelin & Fine China Company ("Spode"), adding circa £450,000 to the annual rental income.
Andrew Gulliford, Director, Corporate Acquisitions for Slough Estates said: "This is a tremendous acquisition for HelioSlough, offering existing income along with immediate development opportunities. The location has proved very popular for retail distribution with adjacent developments including New Look, Asda and TK Maxx, and there is considerable occupier interest for new RDC's in this location."
The site is located one mile north of Newcastle-under-Lyme town centre, adjacent to the A34 dual carriageway giving excellent road links to the A500, A50 and M6 motorway at Junctions 15 and 16.
HelioSlough plans to start the speculative development of the RDC within the next six months.
King Sturge advised HelioSlough on the purchase and has been retained as letting agent. Deutche Property Asset Management & Barlows were represented by Lamont and FPD Savills. Spode were represented by Bache Creharne.
For more information, please contact:
For Slough Estates plc
Michael Waring
Tel 01753 21333
Maitland
Colin Browne/Liz Morley/Peter Ogden
Tel 0207 379 5151
For HelioSlough
Mike Hughes
Tel: 020 7629 6452
Ian Purvis, Porterfield PR
Tel: 020 7434 2233
Notes to editors:
Slough Estates is a leading provider of flexible business space in business parks in Western Europe and North America, with over 1500 customers occupying approximately 3m square metres of business space. Slough Estates' properties are in suburban locations in close proximity to the main business centres, where there is long term demand for business accommodation to serve these key economic regions. The company's main activities are currently based around London, Brussels, Paris, Düsseldorf, Amsterdam, San Francisco and San Diego and the company continues to develop new business parks with the long term objective of building shareholder value and enhancing its reputation for quality buildings offering excellent value to customers. www.sloughestates.com
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