Rockspring Property Investment Managers LLP has leased, on behalf of the Rockspring UK Value Fund, the 57,000 sqm, speculatively refurbished industrial unit at 1 Watkins Close, Burnt Mill Industrial Estate, Basildon, Essex, to Yodel, one of the UK’s leading delivery companies, on a 10 year lease at a stepped rental rising to £6.25 psf in year five.
The unit was one of the assets that made up the Greenridge Portfolio which included 470,000 sqm of warehouse space and 150,000 sqm of office space, and was acquired by the Fund in February 2011, from the Alderley Group for £40m. The unit became vacant in December 2012 at which point the Fund invested £700,000 into the speculative refurbishment of the asset which included a significant upgrade of both the accommodation and yard, and also the creation of an additional Heavy Goods Vehicle (HGV) entrance to the property which was completed in May 2013.
