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22 February 2006
Acting on behalf of its client, RBS Pension Trustees, Standard Life Investments has completed the £14 million forward purchase of The Hub at Skyline 120, part of Countryside Properties PLC's new 400,000 sq ft (37,000 sq m) business park near Braintree, Essex.
The Hub will provide 177,780 sq ft (16,500 sq m) of warehouse accommodation ranging in size from 16,350 to 36,915 sq ft (1,185 to 3,430 sq m), and is scheduled for completion in November 2006.
This latest deal will take the total amount of space under construction at Skyline 120 to almost 300,000 sq ft (28,000 sq m) and follows the start of work of an 80,000 sq ft (7,400 sq m) freehold warehouse for fashion distribution company Delamode PLC.
Countryside Properties is also to commence construction on the site of its latest Urban Hive which will comprise 9 freehold industrial units of between 2,875 sq ft - 4,895 sq ft (267 and 455 sq m).
The units, due for completion in September 2006, will be targeted at local businesses with prices ranging from £360,000 - £530,000. 2 of the units are already under offer.
Mark Chatham, Director for Countryside Properties commented: "We are delighted to have completed the forward sale of the Hub to Standard Life Investments. Its significant investment in the site is a further endorsement of the quality of the development and its increasing reputation as a real alternative to more traditional locations such as Harlow and Chelmsford."
Skyline 120 is located in a highly prominent position at the junction of the A120 and A131 some 15 minutes from Stansted Airport and the M11 Motorway. On completion, it will provide a wide range of commercial space including industrial, warehouse and office accommodation targeted at both local businesses and multinationals looking to relocate into one of the government's major growth corridors.
Skyline 120 forms part of Great Notley Garden Village, an award winning mixed-use development by Countryside Properties PLC which also comprises 2,000 new homes, a Tesco Superstore, neighbourhood centre and country park.
Savills acted on behalf of Countryside Properties in the investment sale. Fenn Wright is retained as letting agents for the remainder of Skyline 120.
ENDS
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Information correct as at 29/08/2007