news

Vengrove has purchased Tokenspire Business Park, Beverley from Regional REIT for £11.1m.

The multi-let industrial estate comprises 310,000 sq ft across multiple units and 24.4 acres. The estate is let to 33 tenants with no single occupier representing more than 20% of total income. There are a mix of unit sizes, from 1,000 sq ft to 50,000 sq ft, providing exposure to a wide range of leasing volume as well as offering flexibility to accommodate occupier expansion.

Vengrove intends to begin the necessary refurbishment programme as well as develop 40,000 sq ft of new build industrial.

Vengrove has achieved practical completion of the landlord’s works package at 51 Eastcheap on behalf of WeWork Property Advisors.

The scheme comprised a comprehensive refurbishment including a strip back to concrete shell, installation of new M&E services and the infill of circa 50% of the atrium. 51 Eastcheap now offers 89,500 sq ft of Grade A office accommodation, the entirety of which shall be occupied by WeWork, whom are currently on site undertaking their CAT B works.  The new WeWork facility shall be open for occupation during the first week of June 2019.

Vengrove has acquired an industrial asset in Warrington from global logistics company, XPO Logistics.

The property comprises 168,000 sq ft across three industrial units and an office and is currently occupied by XPO Logistics who will be vacating the property in Q1 2019. Vengrove plans to re-position the asset by demolishing one of the units and the office as well as refurbishing the remaining two units over a three-month period.

The refurbished units will be ready for occupation by the end of Q2 2019. One of the units will be of 78,000 sq ft and the other unit has optionality to provide space between 9,000 and 45,000 sq ft. CBRE and B8 Real Estate have been appointed by Vengrove, as letting agents.

Vengrove has completed the sale of the last of their holdings at Newbury Business Park. Astor and Benyon House were sold to Telereal Trillium for £5.35m. The tenants included Huawei, Digitas LBI and Viavi Solutions.

The sale follows the disposal of 3 & 4 The Sector & Emerald House earlier in 2018. 3 & 4 The Sector was sold to West Berkshire Council for £17.8m after Vengrove had comprehensively refurbished and repositioned both buildings and secured pre-lets to Cirrus Logic and Edwards Lifesciences. Emerald House was acquired by Lipman Properties following the departure of Vodafone from the building.

Vengrove has partnered with Ark and Hammersmith & Fulham Council on EdCity, the redevelopment of Ark Swift Primary Academy and Harmony Neighbourhood Nursery to create an ambitious new mixed-use development with a focus on education.

EdCity will consist of a redeveloped two-form entry Ark Swift Primary Academy, a 75-place nursery for Harmony Neighbourhood Nursery, a Youth Zone centre and an expanded Adult Education and Community Learning Centre. Additionally, 97,000 sq ft of affordable office accommodation will be created, to be set aside for education and social innovation charities. The goal is to create an education hub in West London, where like-minded and mission-aligned organisations can collaborate to enact positive change. The hub will also include 132 residential units, of which 50% will be affordable housing.

WeWork Property Advisors and Vengrove has secured planning permission for the refurbishment and re-development of two offices in the City of London: 51 Eastcheap and 120 Moorgate. Both properties when complete will be majority occupied by WeWork Companies Inc.

51 Eastcheap will consist of an 86,000 sq ft office building arranged over 10 floors with a small ground floor retail provision. 120 Moorgate will total 105,000 sq ft of office accommodation over nine floors. It will benefit from an extensive ground floor retail offering, including the existing flagship Barclays branch. The façade will be modernised, with WeWork expected to occupy 90% of the office space upon completion in Q4 2019.

Vengrove has bought Generator Studios in Newcastle from Metnor Group for £6.45m, reflecting a net initial yield of 8.75%. The property has 11 tenants including Hedgehog Lab, Gardiner Richardson, Black and White Engineering and Atlas Cloud.

Vengrove is working on progressive plans to enhance and modernise the property and its services particularly in relation to health and wellbeing. Ideas being discussed include new bike racks, the creation of a small gym or yoga studio, more inspiring communal areas and a café that provides better quality and healthier food and drink options.

Vengrove has acquired a regional portfolio of six single-let industrial units spread across the Midlands and North of England from Bollinwater Estates LLP, a joint venture majority backed by Tyndaris Real Estate, for a total consideration of £30 million.

Codenamed Project Yellow, the portfolio extended to 777,000 sq ft in locations such as Redditch, Birmingham, Wolverhampton, Seaham, Workington and Billingham, and includes tenants such as CEVA, Meggitt Aerospace PLC, Sims Group Limited and Speciality Steel (UK) Limited.

TJ Hughes, the leading discount retailer, has relocated to Vengrove’s Space 170 distribution warehouse in Liverpool. The move involves a consolidation of the warehousing distribution operations into a single building and forms part of its wider growth strategy.

Vengrove has completed the sale of South Wales Distribution Centre to M7 Real estate for £8,070,000.

South Wales Distribution Centre is situated between Swansea and Cardiff on the established Kenfig Industrial Estate. The facility has prominence to the M4 which runs adjacent to the site.

The 500,000 sq ft unit was acquired in 2015 for £2,000,000 and underwent a £2,500,000 refurbishment. Lettings to Bunzl and Amazon followed which resulted in a fully let scheme.