48 property
Heron Industrial Estate: Picton
signs two Picton, the income focused property investment company, has fully let Heron Industrial Estate, south Reading
ATM Cashpoint Spares, a leading supplier of cashpoint parts in the UK, has taken a newly refurbished 6,282 sq ft unit and Baltec UK, a worldwide leader in the manufacturing of riveting machines, has taken a 5,942 sq ft unit to house its relocated UK facilities.
Heron Industrial Estate is an established industrial development comprising eight warehouses located in the Spencers Wood area, just below the M4 to the south of Reading.
Tim Hamlin, asset manager at Picton Capital, commented: “This is a great result for both the asset and the local area, particularly as it follows the letting last year of an 8,168 sq ft unit to Belmont Fabrications. We took the decision to refurbish some of the units last year based on the strength of the local occupier market and the quality of space tenants were looking for.”
Eilidh McAllister, Haslams commented: “These
recent lettings mean Heron Industrial Estate is now a fully let industrial estate which is rare and justifies Picton’s decision to speculatively refurbish the units.”
Haslams Chartered Surveyors and Lambert Smith Hampton advised the landlord Picton.
Details: Eilidh McAllister 0118-9211517
eilidhmcallister@haslams.co.uk www.haslams.co.uk
Estuary airport would wipe billions from value of commercial property
Over 100m sq ft of commercial property surrounding Heathrow, and in the Thames Valley and West London, could be put at risk by the Davies Commission’s recommendations regarding the UK’s future airport capacity, according to research by Lambert Smith Hampton (LSH): ‘UK Airport Strategy: Dicing with the property market’.
At the end of September, LSH launched its research to an audience of property professionals from across the Thames Valley, London and the wider south east market, with guest speaker Tim Smith MBE of the Thames Valley Berkshire Local Enterprise Partnership.
The report highlights just how much is at stake from airport expansion. There is 30m sq ft of industrial space and 7.5m sq ft of office space in the Heathrow market alone, almost all of which is there because of the airport. Heathrow’s sphere of influence extends as far as Reading and Newbury in the west and along the M4 to Hammersmith and via the Heathrow Express to Paddington. Two- thirds of the UK’s top 300 businesses have headquarters in Heathrow and the surrounding area; 18 of the world’s top-25 software companies and 15 of the UK’s top-
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25 pharmaceutical companies are based in the Thames Valley; and the Thames Valley has the highest proportion of people working in “top output growth sectors” in the whole of the UK.
According the the research findings, if Heathrow closes, the premium paid for property would disappear overnight. Tom Leahy, report author and associate director of research at LSH, said: “There is a premium of 25-35% paid for commercial property within close proximity to Heathrow. If the Davies Commission recommends a Thames Estuary airport, Heathrow will have to close and the premium paid for property in the area would disappear overnight.”
Leahy continued: “The value of the tens of millions of square feet of office and industrial stock close to the airport is between £7 billion and £8b, so a conservative first estimate would put the resulting loss of value at between £2b and £3b. The impact of the closure would ripple out to the west in the Thames Valley and the east of the airport in West London, causing the combined value of these markets to fall by many billions of pounds.”
Brooklands Hotel goes on the market
The iconic Brooklands Hotel has gone on the market. The hotel is being sold by Colliers with “substantial offers” being invited for the £7.5 million turnover property.
Brooklands stands next to Mercedes Benz World near Weybridge, and has 120 en-suite letting bedrooms including 31 suites. The property also includes a 200-seat restaurant, a luxury spa and nine meeting and function rooms.
Brooklands is the home of Britain’s most famous heritage racing circuit and was the scene of the earliest motor racing in England. The hotel actually stands on part of the old circuit and was opened nearly four years ago as a four-star venue hosting corporate events and private functions.
Owned by Delancey, the specialist real estate investment company, Brooklands is expected to attract great interest from potential buyers, says Colliers.
THE BUSINESS MAGAZINE – THAMES VALLEY – NOVEMBER 2013
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