Airport Gate, A4 Bath Road, Heathrow
This multi-unit industrial/warehouse estate was one of Ravenbourne’s earliest development projects. It comprised 142,000ft² (13,192m²) of B1c/B8 industrial/warehouse accommodation, arranged as seven units, three of which were capable of further sub-division if necessary, developed on a brownfield site of 7.16 acres. Significant remediation works were necessary to bring the site, which had been used as an aluminium smelting works, back into use.
Airport Gate is located on the A4 Bath Road close to the northern access to Heathrow’s Northern Perimeter Road and only 0.25 miles from the M4 J4a spur road.
Alpha Flight Catering ultimately took Units 2 to 5 totalling 80,100ft² (7,441m²) and co-location company IX-Europe took the 41,200ft² (3,828m²) Unit 1 which fronts the A4 Bath Road paying a record rent for standard off-airport industrial/warehouse accommodation at Heathrow of £14/ft² (£150.70/m²). The total rent achieved for the estate was £1.6m per annum and the scheme was 85% let within 6 months of practical completion and 100% let within 12 months.
The £20m development was funded by National Mutual Life Assurance Society who sold the completed and fully let estate on to the Scottish Widows Investment Partnership for £25.63m reflecting a net initial yield of 5.90%.
This multi-unit industrial/warehouse estate was one of Ravenbourne’s earliest development projects. It comprised 142,000ft² (13,192m²) of B1c/B8 industrial/warehouse accommodation, arranged as seven units, three of which were capable of further sub-division if necessary, developed on a brownfield site of 7.16 acres. Significant remediation works were necessary to bring the site, which had been used as an aluminium smelting works, back into use.
Airport Gate is located on the A4 Bath Road close to the northern access to Heathrow’s Northern Perimeter Road and only 0.25 miles from the M4 J4a spur road.
Alpha Flight Catering ultimately took Units 2 to 5 totalling 80,100ft² (7,441m²) and co-location company IX-Europe took the 41,200ft² (3,828m²) Unit 1 which fronts the A4 Bath Road paying a record rent for standard off-airport industrial/warehouse accommodation at Heathrow of £14/ft² (£150.70/m²). The total rent achieved for the estate was £1.6m per annum and the scheme was 85% let within 6 months of practical completion and 100% let within 12 months.
The £20m development was funded by National Mutual Life Assurance Society who sold the completed and fully let estate on to the Scottish Widows Investment Partnership for £25.63m reflecting a net initial yield of 5.90%.