Responding to increased occupier demand, Rockspring LLP is investing £700,000 in speculatively refurbishing a detached 57,000 sq ft industrial unit at 1 Watkins Close, Burnt Mill Industrial Estate in Basildon, Essex.
Daniel Harness, Senior Surveyor at national commercial property consultancy, Lambert Smith Hampton (LSH), commented: “Basildon reflects the national trend, where levels of grade A industrial space continue to fall. A lack of good quality buildings reduced take-up in the industrial and logistics market by 25% in 2012, with take-up levels in the South East falling to their lowest in five years. Rockspring is responding to the decline in quality space available in the market and occupier demand for prime accommodation by investing in the site.”
No speculative development has taken place in the area for a number of years due to the poor economic climate. The availability of existing detached buildings in the 50-60,000 sq ft size range is rare; Watkins Close is one of only two buildings currently available in Basildon, within a 10 mile radius. Basildon is a popular industrial location, with close proximity to London and good transport links to the A127 and A13 roads, and is home to large-scale occupiers Argos, Ford and New Holland Agriculture.
LSH also obtained planning permission for Rockspring to create an additional Heavy Goods Vehicle (HGV) entrance to the property via Courtauld road, a key occupier demand for a site of this size. As a result, the unit and the wider site has been transformed, offering a self-contained and secure yard with a new entrance. LSH will continue to market the property alongside joint agent, sbh Page & Read, on completion of the refurbishment works in early June.
Daniel added: “We are already receiving a number of enquiries from interested industrial occupiers, which is testament to the works so far and the promised end result.”
