Rockspring Property Investment Managers LLP has, on behalf of Rockspring Hanover Property Unit Trust, pre-let 12,216ft² (1,135m²) of a new 37,276ft² (3,463m²) speculative light industrial shed development at Thorp Arch Estate on a 15 year lease to BeerHawk.co.uk, the online beer retailer.
This is the second successful pre-let that has been secured for these units, following the 12,800ft² (1,189m²) agreement with Avacta Group Plc on a 10 year lease, which was signed in November 2015. Following the letting to Beerhawk, the development is 66% occupied ahead of completion next month. BeerHawk.co.uk will occupy Unit 16, which is undergoing a bespoke reconfiguration to include a beer tasting bar.
Purchased by Hanover in 1995, Thorp Arch Estate is home to over 140 businesses, from start-ups to large global companies, employing more than 1,800 people. It 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 operating in Yorkshire and the North East. It comprises 155ha and approximately 250 buildings, providing approximately 186,000m² of office, light and heavy industrial, warehousing and distribution, retail and leisure floor space.
Mischa Davis, associate partner and fund manager at Rockspring commented: “The success we’ve had in pre-letting this new development at Thorp Arch, including this latest letting to Beerhawk, is reflective of both the Estate’s strong location and the extensive asset management work we have undertaken. In November 2015, we secured a 63,000ft² (5,853m²) agreement with national drinks distributor Matthew Clark Wholesale Ltd, which was one of the largest single letting deals on the Estate and generated significant new interest in Thorp Arch as a distribution location.
“Thorp Arch is one of our longest held assets and it continues to yield a solid and attractive income stream for the Fund. Our active asset management approach ensures that we continue to drive performance through refurbishment and development, creating high quality, purpose built buildings that provide a sustainable income for our investors.”
Established 48 years ago, Hanover is an actively managed, open-ended, UK-focused real estate fund. As at 31 March 2016, the fund had £531m (€691.6m) under management and recently achieved a three year outperformance of its benchmark.
Carter Towler and JLL are the letting agents for the development.
