RLAM sells White Stuff warehouse and buys Oxfordshire scheme
Royal London Asset Management’s real estate arm has sold White Stuff’s distribution warehouse in Leicester and bought an industrial scheme to expand its presence in Oxfordshire.
RLAM Property has also completed a prelet agreement with Oxford Nanopore Technologies at Abingdon Business Park, and secured a 10-year leasing agreement with workspace operator MyWorkSpot, which will take up nearly 20,000 sq ft at Proxima in Maidenhead.
The warehouse let to White Stuff, which measures 93,000 sq ft, was sold to Wesleyan Assurance Society for an undisclosed sum. It is located at Unit 21 Thorpe Way, on Grove Business Park in Enderby, Leicester.
Royal London Asset Management’s real estate arm has sold White Stuff’s distribution warehouse in Leicester and bought an industrial scheme to expand its presence in Oxfordshire.
RLAM Property has also completed a prelet agreement with Oxford Nanopore Technologies at Abingdon Business Park, and secured a 10-year leasing agreement with workspace operator MyWorkSpot, which will take up nearly 20,000 sq ft at Proxima in Maidenhead.
The warehouse let to White Stuff, which measures 93,000 sq ft, was sold to Wesleyan Assurance Society for an undisclosed sum. It is located at Unit 21 Thorpe Way, on Grove Business Park in Enderby, Leicester.
The warehouse is let to the retailer until 2028, at an annual rent of £706,276. MK2 Real Estate, which advised RLAM Property, marketed the warehouse for offers exceeding £11m.
The sale is part of a £350m round of industrial and logistics transactions that RLAM has made this year, which included selling a 33.6-acre industrial estate in Southall and acquiring a 4.16-acre site in Havant.
Mark Rooke, director in MK2 Real Estate’s investment team, said: “The industrial and distribution market in Leicestershire has proven to be a strong performer over recent years, with rental growth above the national industry average. Coupled with high levels of demand for space in the region and a shortage of available and pipeline industrial stock, the investment fundamentals are compelling.”
Elsewhere, RLAM Property has extended its presence at Abingdon Business Park, Oxfordshire, by acquiring the 77,000 sq ft Eyston Way industrial scheme. Additionally, it has secured planning permission to turn a two-acre car park into 24,000 sq ft of mid-tech space.
It has also completed the refurbishment of a 54,000 sq ft building and closed a prelet agreement with Oxford Nanopore Technologies.
Abingdon Business Park holds 550,000 sq ft of industrial and innovation real estate comprising a mix of R&D, life sciences, tech, engineering and manufacturing tenants.
RLAM Property said the moves align with its strategy to invest in multi-let commercial estates in locations with strong growth potential.
James Orr, head of industrial and logistics at RLAM Property, said: “The refurbishment of a 54,000 sq ft building and the prelet agreement with Oxford Nanopore Technologies demonstrate our expertise in attracting and accommodating cutting-edge companies.
“This solidifies Abingdon Business Park’s reputation as a premier hub for research and development, benefitting both our business and the broader market.”
Separately, in Maidenhead, workspace provider MyWorkSpot has taken the space at Proxima for its third site in the area. The operator has taken the ground floor and parts of the first and second floors, with capacity for more than 250 office desks as well as breakout spaces and boardrooms.
The site will open in the summer, with prices starting at £350 per desk per month.
Hollis Hockley advised RLAM on the Maidenhead leasing deal, while HEWN acted for MyWorkSpot.
