LaSalle Investment Management (‘LaSalle’) in late 2011 acquired a prime industrial site on White Hart Lane, Tottenham. The proposed scheme is 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 131,740 sq ft of industrial / trade accommodation. The scheme offers two detached, secure and self contained buildings together with a terrace of units. Units are available individually with the flexibility to be subdivided or combined offering a range of unit sizes from 9,028 sq ft to 51,930 sq ft.
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.
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 & 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.
Objectives
Secure pre-let on the largest unit to facilitate the development. Obtain planning permission and vary in line with main pre-let.
Complete construction of the scheme by PC date and prepare marketing campaign to assist in securing additional pre-let and further lettings
Outcome
A pre-let to Selco was secured on Unit 1 (39,269 sq ft).
Planning permission was obtained for a scheme, which was amended after a pre-let secured on the largest unit.
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.
Void rate reduced to 30% within 6 months as a result of 3 further lettings on Units 5b, 5c & 2 at or above ERV.
The overall marketing campaign facilitated the lettings & 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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