Aviva Investors announces that it has let its Rock & Roll warehouse development in Park Royal, London, to Mahmood Saeed Company Ltd ("MS Group"), a leading Saudi Arabian Manufacturing, Wholesale Distribution and Real Estate Group, taking this speculatively built development, which comprises two units totalling 61,100 sq ft, to full occupancy.
MS Group has agreed a 20-year lease with no breaks, and the units, which were practically completed in June 2017, will act as the Group's first distribution hub in Europe for its existing white label business operations in the UK.
Aviva Investors and development partner Canmoor Developments Ltd have undertaken an extensive redevelopment of the site on Waxlow Road, converting a former vacant and dilapidated multi-let office building into high specification warehousing space to meet the ongoing demand for strategically located, high quality industrial space.
Located in close proximity to Acton Lane, one of the arterial roads within Park Royal, the properties offer excellent transport connections to the M40 and wider motoway networks providing quick access to Central London and London Heathrow Airport. Harlesden London Underground Station (Bakerloo Line) and Willesden Junction Rail Station are also in walking distance.
These lettings build on Aviva Investors' recent success in letting speculative warehouse developments, including a 95,000 sq ft single unit in Aston, Birmingham in September 2017 to Salts Healthcare Ltd on a 15 year lease. Aviva Investors is currently under construction on a further 310,000 sqft of speculative development across four units in the Midlands and South East.
Jones Lang Lasalle and Montague Evans represented Aviva Investors and the MS Group were represented by BNP.
Ben Lomax, Associate Director, Real Estate at Aviva Investors, commented: "This letting is a major milestone for our Rock & Roll development project in an area of London which plays an important role as a hub for industry. Working with Canmoor Developments Ltd we identified the potential for this underutilised site, we have successfully applied our development expertise in converting the use and creating high quality industrial space that is attractive to occupiers and delivers value for our investors."