New Star Property Unit Trust has acquired The British Land Company PLC's successful Heathrow Gateway development in Feltham, near Heathrow Airport, for in excess of £65million.
British Land developed the first 219,939 ft² unit, which was pre-let to Consignia PLC at £7.75 per ft² in 2002, and subsequently developed speculatively the second phase 126,958 ft² unit, which was let prior to practical completion to Eagle Global Logistics at £11.20 per ft². There is an outstanding rent review in respect of the Royal Mail unit which is expected to provide a substantial rental uplift.
A final phase, comprising a 93,500 ft² unit, was also developed speculatively and sold to an owner occupier in July of this year.
King Sturge acted for British Land and Rogers Chapman acted for New Star.
Source: British Land