Rockspring Property Investment Managers has secured planning consent for two industrial developments, totalling over 13,000m² (140,000ft²) at Thorp Arch Estate, Yorkshire, on behalf of Hanover Property Unit Trust.
Thorp Arch Estate is located in Wetherby, Yorkshire, less than 2.5 miles from the A1(M) and is equidistant between Leeds, Harrogate and York, making it a prime location for businesses in Yorkshire and north east England. Purchased by Hanover in 1995, the estate is home to over 140 businesses and is the largest commercial property destination in Wetherby, West Yorkshire.
Construction of the light industrial units has started, with work on the distribution shed due to begin as soon as January 2016, with practical completion anticipated for the summer. The two assets will comprise 5,853m² (63,000ft²) and 7,283m² (78,400ft²), and pre-lets have already been secured to Matthew Clark and Avacta respectively.
Matthew Clark Wholesale, a leading national drinks distributor, has agreed a pre-let for the entirety of the 5,853m² (63,000ft²) purpose built distribution warehouse, which will feature nine dock levels, two level-entry goods access doors, a large goods yard and 590m² (6,350ft²) of office space. This is one of the largest single letting deals on the Thorp Arch estate and has generated renewed interest in Thorp Arch as a distribution location. Avacta Group has agreed to take 595m² (6,400ft²) of the 7,283m² (78,400ft²) unit.
Established 48 years ago, Hanover is an actively managed open ended UK focused real estate fund. As at 30 June 2015, the fund had €727.5m (£513m) under management and recently achieved a three year outperformance of its benchmark. Acquisitions in recent years have included the Hatch Industrial Park in Basingstoke and a number of retail units in Lancaster, Lancashire for around €24.26m (£20m) back in January 2014 and the €61.2m (£45.1m) purchase of Annan House in Aberdeen from oil company Enquest in September 2015. There are currently 39 assets in the Hanover portfolio, the majority of which fall into the industrial property sector, closely followed by retail.
Mischa Davis, associate partner and fund manager at Rockspring commented: “Thorp Arch is a long term holding of Hanover’s which yields a solid and attractive income stream for the fund. Our active asset management approach continues to drive performance through development, creating high quality buildings that provide a sustainable income for clients and investors. We are looking forward to working with our tenants to create purpose built units to meet their specific requirements.”
