news

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 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.

Vengrove has acquired the freehold interest in Halesfield 6, Telford for £5,250,000, reflecting a net initial yield of 11.85%.

The property comprises a 120,000 sq ft industrial unit, along with a standalone office of 13,000 sq ft. Let to Whittan Industrial Ltd, the leading storage product manufacturer, until July 2027, the investment provides an annual rental income of £664,788.