Acting on behalf of VALAD Property Group, we have secured a new tenant for The Ascot Centre, Watford.
Four separate units, totalling 40,910 sq ft, have been acquired by Sigma Pharmaceuticals at The Ascot Centre on Watford Business Park. This is the town’s largest warehouse deal for three years.
Largest warehouse deal for three years
Sigma Pharmaceuticals has taken the space in addition to its existing facility at Colonial Way in Watford. The company offers a wide product line of pharmaceuticals - focusing on generic and over-the-counter drugs - to thousands of UK clients, providing medicines and medical supplies to pharmacies and hospitals across the UK. Other products include medical mobility equipment (through its Sigmobility unit), plus wound care and surgical supplies.
Competitive industrial market in Watford
Claire Madden, Director in our Hertfordshire team, commented: “This is a positive end to the year, not only for our client but for the region’s industrial market.
“Watford, like other centres, has seen a decline in industrial enquiries over the last two years, due to the recessionary climate’s impact on consumer confidence. However, the level of competition between alternative industrial buildings in Watford has caused landlords to significantly reconsider their rental requirements. Many are offering greater rental incentives and more tenant-friendly lease terms.
“As a result, space is being disposed of and - with no new speculative development in the pipeline - Watford is beginning to see a lack of good-quality stock.”