Demand for high quality stock across Surrey continues to grow, as evidenced by the quick letting at record rents of modern industrial units on a business park close to the M25.
Property consultancy Vail Williams acted for clients on the disposal and subsequent letting of the block of Units 1-4 Trade City on Brooklands Business Park, one of the largest commercial hubs in the south west quadrant of Greater London.
Event management company Eventist Group, which holds a portfolio of hospitality brands, instructed Vail Williams to dispose of the block and immediately leased back Units 3-4 as its corporate HQ. The quoting sale price was undisclosed.
New freeholder, London-based investment group Fishmour LLP subsequently appointed Vail Williams to let the remaining two units – which was achieved in just eight weeks, at an average rent of £18 per sq ft.
Unit 1 was acquired by medical equipment supplier Lawmed, of Walton on Thames, with Unit 2 taken by independent skincare product distributor Dermapure relocating on the estate, both on long leases.
Vail Williams Surveyor Elliot McNish, based in the Woking office, acted for both Eventist Group on the sale and leaseback and Fishmour LLP on the leasehold deals. Allsop was joint investment agent for the sale and leaseback.
He said: “I was pleased to quickly conclude these two lettings, to local companies, at record rents of £18 psf – approaching office levels – when the average on the park is around £16 psf.
“It also illustrates the strong demand for quality industrial accommodation across the region which continues to outstrip supply due to an acute shortage of capacity.
“Indeed, just one unit at Trade City, the 10,503 sq ft warehouse Unit 26, currently remains unoccupied and is available to let at £14,004 pcm.”
Fishmour LLP Director James Goymour said: “To have let these two prominent units in such a short time is particularly impressive and testament to both Vail Williams’ extensive local knowledge and skill in conducting negotiations.”
Units 1-4, accessed via Avro Way, are a terrace of high-spec business units ranging from 3,015 sq ft (280.1 sq m) to 12,156 sq ft (1,129 sq m) with mezzanine floors, loading bays and plenty of parking.
Well-established and well-located Brooklands Business Park, just four miles from J10 of the M25 motorway, also has excellent rail and air transport links.
Other occupiers include Amazon, Hermes and Ocado, as well as Selco, Screwfix, Porsche, TW White & Sons and Tesla.
Vail Williams acts for business park freeholder Mercedes Benz on the vast majority of individual unit transactions.
Vail Williams’ full-service property advice includes property valuation, planning and lease advice, investment and development expertise, property asset management and occupier consultancy.
Notes to reporters
Vail Williams LLP is one of the largest independent providers of commercial and residential property advice in the UK.
Holder of the Gold accreditation from Investors in People, the firm provides property advice for landlords, occupiers, investors, developers and landowners in both the public and private sector, across the UK.
A full-service property consultancy, Vail Williams advises on a broad range of property issues – from lease advice, property valuation and planning, to asset management and property acquisition and disposal.
The firm is a specialist provider of business rates advice, having expanded its business rates team with the acquisition of business rate specialists Bisset Moffatt Hill (2016), and the general rating division of Ruddle Merz (2017).
Vail Williams employs 170 people, of which 50 are partners, based across its ten offices in the Midlands and south of England (Birmingham, Crawley, Woking, Heathrow, Leeds, London, Portsmouth, Reading, Southampton, Bournemouth).