White Hart Works is the first new development of its kind in the area for many years
LaSalle Investment Management (‘LaSalle’) in late 2011 acquired a prime industrial site on White Hart Lane, Tottenham. The proposed scheme was believed to be one of the first major developments of industrial space in Greater London for several years.
White Hart Works is a new development providing up to 130,648 sq ft of industrial / trade accommodation. The scheme comprises two detached secure and self-contained buildings together with a terrace of units.
Location
White Hart Works is the first new development of its kind in the area for many years. It is prominently located on the north side of White Hart Lane 400 metres to the west of the A10 Great Cambridge Road in turn providing quick direct access to the A406 North Circular approximately 1 mile to the North. These main arterial routes provide direct access to the national motorway network, M1 (junction 1), M25 (junction 25) and M11 (junction 1) and to North, East, West and Central.
Background
• 7 acre site located on the north side of White Hart Lane, close to A10 junction which in turn links with the A406 North Circular.
• Curtis Real Estate, the developers, drew up plans for a multi-unit industrial scheme comprising 6 – 8 units from 9,028 sq ft to 51,930 sq ft and totalling approx. 131,740 sq ft on a secure site.
• Scarcity of new stock in central/north London area with projected improving rental market conditions.
Business Plan
• Obtain planning permission and vary in line with main pre-let
• Secure pre-let on the largest unit to facilitate the development
• Complete construction of the scheme by PC date
• Prepare marketing campaign to assist in securing additional pre-let and further lettings.
Outcome
• Planning permission was obtained for a scheme, which was amended after a pre-let secured on the largest unit.
• A pre-let to Selco was secured on Unit 1 (39,269 sq ft) at £373,056 pa (£9.50 psf) for 15 years with 18 months rent free.
• The development commenced and PC was achieved only 4 days behind schedule (32 week programme).
• Another pre-let was achieved on Unit 6 (9,077 sq ft) to Screwfix at £90,770 pa (£10.00 psf) for 10 years with 18 months’ rent free.
• Void rate reduced to 30% within 6 months as a result of 3 further lettings on Units 5b, 5c and 2 at or above ERV.
• The remaining units were all let within 18 months of PC to a good mix of tenants (Toolstation, GSF Car Parts, Marigold Health Foods and HSS Hire Services).
• The overall marketing campaign facilitated the lettings and was Winner of “Best Overall Marketing Campaign – Out of Town Offices and Industrial” in the Property Marketing Awards 2013.
Size
131,740 sq ft
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