A new speculative development of 13 business units at a major industrial estate in Bedfordshire has been sold just 10 months after it was completed, commercial property consultancy Kirkby Diamond has announced.
The Apex Park development – the first of its kind in Leighton Buzzard for more than 20 years – has answered huge pent-up demand from businesses for high quality units in the region.
Colliers Capital has acquired the fully let industrial estate for an undisclosed sum from London-based investment company Pears Property Advisors.
Ben Grossman, investment director at Pears Property Advisors, said: “I am delighted to announce that we have completed on the disposal of Apex Park, Leighton Buzzard, to Colliers Capital. This is a well located, fully let industrial estate with a 3.25% yield that should provide the buyer with excellent rental growth opportunities moving forward.
“Pears Property Advisors are looking to develop small to medium size industrial schemes to sit alongside a growing investment portfolio.”
Luke Tillison, managing partner of Kirkby Diamond, has been involved with the development for more than five years. He acquired the land, including the site to the rear now known as Ascent Park, on behalf of Pears Property Advisors five years ago. The rear part of the site was sold to the Firethorn Trust and Apex Park was developed on the remaining section.
He said: “It’s very satisfying to see a scheme through from its grass roots all the way to becoming a thriving industrial estate. Having purchased the land for Pears Property Advisors, witnessed the development of the industrial estate and completed the lettings of the units, to now have completed disposal of the investment, is an achievement of which the team at Kirkby Diamond is very proud.”
Kirkby Diamond completed the letting on the last of the units to power protection specialists Levant UPS. The company signed a 10-year lease on a 5,320 sq ft unit on the estate. The property consultancy has completed 12 of the 13 lettings. Joint agents are Louch Shacklock.
London-based investment company Pears Property Advisors funded the development of Apex Park, with units ranging from 1,880 sq ft to 20,800 sq ft and totalling 57,100 sq ft. Kirkby Diamond acts on behalf of Pears Property and other third parties in relation to their UK commercial and residential investment portfolios.
Eamon Kennedy, head of commercial agency at Kirkby Diamond, said: “Apex Park has been a fantastic success by any standards. In just 10 months, working with Louch Shacklock, we have been able to let all 13 units and have achieved rents that are well above the expectations of our client.
“Before Apex Park was completed, there hadn’t been a development of high quality industrial units in Leighton Buzzard for over 20 years and therefore there was significant pent-up demand. We are delighted to have achieved a wonderful result for Pears Property Advisors.”
Among the companies taking units at the development are Lang UK, leading global distributors of visual presentation technology, which has agreed a lease on an 8,110 sq ft unit, as has FAI Automotive, distributors of premium aftermarket automotive components.
Ram online Ltd, trading as Blue Box Self Storage, has taken a 5,200 sq ft unit and AIS Surveyors, a chartered surveying practice, has agreed a lease on a 5,200 sq ft unit. Units of 1,880 sq ft have been let to Heath Electrical, Universal Event Production, Stephen & Son, Diverse Flooring, and LTM Design.
The site is prominently located, fronting on to Leighton Road, with easy access to the M1 J11a via the new A5-M1 link, Milton Keynes to the north via the A5 and Luton/Dunstable to the south via the A505, with Aylesbury to the West via the A418. Leighton Buzzard also benefits from mainline railway services, with London Euston within approximately 30 minutes.
Operating from its base in central London, Pears Property Advisors has advised in relation to over £1 billion of transactions. As investment advisors, it is responsible for sourcing and realising real estate opportunities that align to their clients’ investment strategy.
