Construction and Infrastructure
Multi-million-pound business park transformation to go ahead
Excitement reined when news broke a £20million-plus deal had gone down which meant a change of ownership of one of Cheltenham’s biggest industrial estates.
It was the summer of 2018 and LGIM Real Assets (Legal & General) announced it had completed the acquisition of Kingsditch Trade Park for £20.5 million.
The asset has been bought on behalf of Legal & General’s Industrial Property Investment Fund (IPIF) from M&G Real Estate. And then silence. The small matter of Brexit and a pandemic ensued, burying any thoughts of what might be.
Robert Smith, as head of commercial agency at Gloucester-headquartered property specialists Bruton Knowles is a man in the know. Mainly because the firm he works for are joint marketing agents.
Yesterday Mr Smith said this: “Great news for Cheltenham, Industrial Property Investment Fund have confirmed that they will go ahead with the next speculative phase of commercial development at Kingsditch.
“A massive endorsement for the town and their confidence in the market.”
The Raikes Journal has contacted IPIF for comment.
Legal and General described the property thus: “Located in the well-established Kingsditch industrial area this multi-let estatecomprises28 trade/light industrial units and totals 137,942 square feet across a 7.9 acre site.
“The property is let to 24 tenants providing a diverse tenant mix with an AWULT of 6.5 years (to expiry) and reflects a low average passing rent of £8.45 per sq ft.
“IPIF is able to call on its specialist trade team to unlock asset management initiatives, providing opportunities to enhance both rental and capital value.”
IPIF was represented in the 2018 deal by ACRE Capital Real Estate, while M&G Real Estate was advised by Lewis Ellison this transaction