Acrewood, St. Albans
In 2014 we agreed to acquire an existing building from a local business, subject to planning. We obtained planning to refurbish and substantially extend the existing building, creating a 31,500 sq ft scheme, pre-let to Halfords, Screwfix, Formula One Autocentres, J&S Motorcycle Accessories and Toolstation.
The site was sold with planning and pre-lets in place in the same year to Aberdeen Asset Management for £7.1 million. The development completed in 2015, delivering a profit of 22%.
Rooksley, Milton Keynes
In 2016 we entered a development partnership on a site in the Rooksley Employment Area. Planning was granted for a new 20,000 sq ft builders’ merchant, pre-let to MKM Building Supplies and a trade park extending to approximately 23,000 sq ft. Pre-lets were secured with Sixt Car Rentals and Just Tyres.
The site was sold in March 2017, with planning and pre-lets in place on a full forward funding basis, to Canada Life for £9.6 million. The development completed in November 2018, producing a profit of 34%.
Bexhill Road, Hastings, Kent
In 2017 we agreed to acquire three sites, subject to planning, which was granted the following June. The redevelopment comprises three units, two of which were pre-let to Aldi and Greggs. The total floor area of the scheme is 22,100 sq ft.
We sold the scheme on a forward funding basis to Hastings Borough Council in September 2018, with Close Brothers providing construction funding. The scheme completes in March 2020, delivering a 26% profit.