Final Letting at Stockley Park

Chester Properties and CarVal Investors have exchanged contracts on a ten-year lease on the whole ground floor of 3 Roundwood Avenue, Stockley Park (ca. 21,000 sq ft) with Verifone. Terms were confidential but the quoting rent was £35 per sq ft.  Verifone will be moving from nearby Cowley Business Park.  

 

The letting means that Chester Properties and CarVal Investors and have successfully found occupiers for 1, 3 and 5 Roundwood Avenue. These have also included leases to Kuehne + Nagel (ca. 16,000 sq ft), Cargo Logic (ca. 21,000 sq ft) and the sale to MSC Shipping of 5 Roundwood Avenue (ca. 46,000 sq ft) for its own occupation. This follows on from the earlier successful refurbishment and letting to Lucozade Suntory of 2 Longwalk Road.

 

Chester Properties and CarVal Investors were represented by JLL, Cushman and Wakefield and DTRE with Verifone represented by Cushman and Wakefield.

 

Michael Landers, director at Chester Properties, commented: “The letting to Verifone concludes a successful marketing and letting campaign for the four buildings over the last few years, which has resulted in just over 150,000 sq ft let or sold to occupiers in that period.  The success is testament to the quality of the refurbishments carried out and also our ability to meet the various occupier requirements." 

CarVal/Chester bag Stockley Park brace

CarVal Investors and operating partner Chester Properties have secured a brace of occupier deals at Stockley Park at significant values as the key west London business park continues its renaissance.

CarVal and Chester have sold the recently refurbished 46,445 sq ft 5 Roundwood Avenue,to MSC Cruise Management UK for its own occupation, and have also let the first floor of 3 Roundwood Avenue (21,582 sq ft) to Russian air cargo group Volga Dnepr.

MSC, a world leader in cruise shipping, had considered options throughout the South East. The property was purchased by MSC for its own occupation for an undisclosed price. Market sources suggested a price of around £18m.

In addition, global air cargo group Volga Dnepr has signed a 10-year lease to occupy the whole of the first floor of 3 Roundwood at a confidential rent. Market sources suggested Volga was paying circa £33.50 per sq ft, evidence of the strongly improving rental tone at Stockley.

CarVal Investors and Chester Properties bought both buildings along with 1 Roundwood Avenue, and subsequently refurbished them to Grade A specifications.

The first floor of 1 Roundwood was let to Kuehne & Nagel in July 2015 with the 7,804 sq ft ground floor suite currently under offer. The leasing of 3 Roundwood Avenue and the sale of 5 Roundwood Avenue marks the end of a successful year for CarVal Investors and Chester Properties, having sold 1 Roundwood Avenue earlier in the year to CCLA.

CarVal Investors and Chester Properties are currently refurbishing the 21,000 sq ft ground floor of 3 Roundwood Avenue to high quality Grade A standards, with works due to complete in February 2016. The quoting rent is £35 per sq ft.

Charles Dady, Head of South East Office Agency at Cushman & Wakefield, said: “These transactions demonstrate the strengthening demand for, and reducing supply of, grade A offices in the key Thames Valley sub markets.”

Cushman & Wakefield, DTRE, JLL acted for the landlord. MSC was represented by KA Property and Volga Dnepr was unrepresented. All parties declined to comment on the details of the deals.

 

All systems go for CarVal at Stockley as Kuehne + Nagel takes UK HQ

CarVal Investors and operating partner Chester Properties signed Kuehne + Nagel for its relocated UK head office at 1 Roundwood Avenue at Stockley Park as it prepares to launch a separate headquarters building at the Heathrow business park.

Kuehne + Nagle has signed a 10-year lease on 15,650 sq ft at the recently refurbished 1 Roundwood Avenue in Stockley Park, where it will relocate its UK head office.

Rents have not been disclosed but it is thought that K+N would be paying close to the quoting rents of £33.50 per sq ft.

Kuehne + Nagel is a leading global provider of fully integrated supply chain solutions with more than 1,000 offices in over 100 countries. 1 Roundwood Avenue is also occupied by children’s charity World Vision International.

“We are delighted to welcome Kuehne + Nagel to 1 Roundwood,” said Robert Balick, Senior Managing Director and Head of Real Estate Europe at CarVal Investors. “This lease highlights the quality of the refurbishment undertaken and confirms the reputation of Stockley Park as one of the leading business parks in the South East.”

Kuehne + Nagel was represented by Clews & Co and CarVal Investors was advised by JLL and Cushman & Wakefield.

CarVal Investors and Chester Properties bought 1, 3 and 5 Roundwood Avenue in July 2012 and comprehensively refurbished space released by previous tenants as and when leases ended.

The duo recently completed works at 5 Roundwood Avenue, which will be formally launched in September.

An extensive refurbishment was carried out at the property to create a self-contained 47,000 sq ft grade A headquarters. In addition to a remodelled reception and an enhanced full height glazed atrium, significant upgrades were carried out to allow a 1:8 sqm occupational density to "meet occupiers’ increasing requirement to drive greater occupational efficiencies". The property has 152 car parking spaces resulting in a 1:307 sq ft ratio.

1, 3 and 5 Roundwood Avenue are held by the CVI Outer London investment programme, advised by CarVal Investors and majority-owned by Partners Group.

DTRE, JLL and Cushman & Wakefield are joint letting agents on the Roundwood Buildings. 

Clyde Retail Park Fully Let

Chester Properties as Joint Venture partners in the Motherwell Investment Fund LP have let Unit 4 at Clyde Retail Park to Jollyes Pet Food Superstores for a term of 10 years at a headline rent of £105,000pa. This comes on the back of a lease renewal with Dreams at unit 3b in June 2015 for a 10 year term at £110,000pa.

Clyde Retail Park is fully let

Chester Properties & Carval Investors Launch The First of Three Roundwood Buildings at Stockley Park

Chester Properties & CarVal Investors have launched 3 Roundwood Avenue, the first Grade A refurbishment of its trio of Roundwood Buildings at Stockley Park, an established business park near Heathrow. The launch comes at a time when available refurbished Grade A accommodation in the park is low.

"Stockley Park is one of Europe's most successful and sought after business parks and high quality office space is limited" said Michael Landers, Director at Chester Properties. "These highly efficient buildings will offer tenants a broad range of bright, spacious, open and adaptable office space options in Stockley Park".

An extensive refurbishment has been carried out at 3 Roundwood to provide 21,582 sq ft first floor grade A accommodation, a remodelled reception and refurbished common areas. Crucial upgrades to the M&E have been made to allow an occupational density of 1.8 sq m, something modern occupiers are increasingly demanding as they drive greater efficiencies from their buildings. The ground floor of 3 Roundwood is leased to Activision.

When the two remaining buildings at 1 and 5 Roundwood Avenue are delivered in early and mid 2015, the Roundwood Buildings will be able to accommodate requirements from 8,000 to 46,000 sq ft.

The launch of 3 Roundwood follows on from the successful letting of 2 Longwalk Avenue, also refurbished by Chester Properties and CarVal Investors on Stockley Park, to Lucozade Ribena Suntory Ltd last year.