LaSalle Investment Managers, as fund managers on behalf of a UK PLC pension fund, approached Fairacre to asset manage a multi-let industrial estate situated on the North Circular Road, London’s primary inner orbital artery.
Prior to Fairacre’s involvement, this 33-acre, 900,000 sq ft estate suffered from declining income, deteriorating building stock, as well as significant and escalating non-recoverable expenditure.
• During the initial phase, focus was put on halting the rapid decline in net income.
• Following a long and complicated planning process, consent was granted for a new distribution/manufacturing development of approximately 46,500 sq m.
• Rebranding and fresh marketing of the site.
• Regearing existing leases, remarketing vacant space and seeking new revenue sources.
• The scheme now offers a unique opportunity of providing a single building of 28,000 sq m. in such close proximity to the dense conurbation in North London, 10 Miles from the city centre and reaching 25% of the UK population within a 2-hour drive time.
With a site valuation of £12.4m, a total capital investment (including acquisition) of £21m; a sale to local council was concluded at £62.5m.