Beaufort has completed a mezzanine and equity co-investment alongside Marchdown Holdings, to support the acquisition and refurbishment as a value add strategy on this industrial estate in Peterborough. The site is located approximately two miles north of Peterborough City centre, an area that experiences high demand for industrial space. The purchase price was not disclosed.
The scheme has a combined floorspace of 148,000ft² and local industrial agents have highlighted the very limited supply of industrial units in the local area due to planning restrictions, land availability and rental levels. Refurbishment works to modernise the estate, originally built in the 1980’s, are anticipated to be concluded over the next 12 months.
Joe Flaherty, Director at Beaufort, said: “We are very pleased to have completed this transaction with Ed and Marchdown. They are highly experienced developers and we are confident that they will further improve the estate to ensure high-quality and desirable units for local and national occupiers. Light industrial and logistics is an asset class which has seen strong growth over the recent years, and this looks set to continue over the medium term. We look forward to working with Marchdown on this exciting value add opportunity.”
Ed Jones of Marchdown Holdings, said: “Marchdown Holdings is delighted to have completed this acquisition with its partner, Beaufort Capital. Beaufort’s practical, rigorous approach and clarity of thinking marks them out and they brought huge value to the transaction. We look forward to further strengthening our relationship with the team and building a long-term partnership over the years to come. We were particularly attracted by the low base rents and the opportunities to physically improve the asset in an area where the supply of light industrial and distribution space is extremely tight”.
