Rockspring leases refurbished 57,000 sq ft Basildon industrial unit to Yodel
Rockspring UK Value Fund (RUKV), has leased a 57,000 sq ft, refurbished industrial unit at Burnt Mill Industrial Estate, Basildon, Essex, to delivery company Yodel.
The unit has been leased on a 10 year lease at a stepped rental rising to GBP6.25 psf in year five.
The unit was one of the assets that made up the Greenridge Portfolio which included 470,000 sq ft of warehouse space and 150,000 sq ft of office space, and was acquired by the fund in February 2011 from the Alderley Group for GBP40m. The unit became vacant in December 2012 at which point the fund invested GBP700,000 into the speculative refurbishment of the asset which included a significant upgrade of both the accommodation and yard, and also the creation of an additional heavy goods vehicle (HGV) entrance to the property which was completed in May 2013.
RUKV was launched in 2009 to take tactical advantage of the significant re-pricing in the UK property market. The closed-ended fund has built a portfolio of retail, office and student accommodation in diverse locations throughout the UK, which is valued in excess of GBP450m.
Paul Crosbie, assistant sirector at Rockspring, says: “The swift letting of this asset in Basildon to a well known parcel operator underlines the success of our asset management strategy to refurbish the site in response to the lack of quality space available in the market and buoyant occupier demand for the ‘mid box size range’. Moreover, this positive result is in line with the overall fund strategy of buying fundamentally well located assets in under supplied markets which lend themselves to improvement through active asset management.”