On behalf of Propinvest, our Industrial and Logistics team let a 50,000 sq ft warehouse in Dunstable, Bedfordshire.
Propinvest had acquired a portfolio of industrial investments from Invista, which included an estate on Foster Avenue, Dunstable.
The estate was fully let with the exception of unit 4/5, a detached warehouse unit of 50,000 sq ft which, due to an over-supply in the local market had already been empty for a number of years.
Under-supply of smaller units
Our Luton team was jointly instructed to re-let the unit and devised a bespoke marketing campaign which identified an under-supply of smaller units and the opportunity to sub-divide the building.
Within 12 months of adopting the marketing campaign, we let 30,000 sq ft to ML Accessories on a ten year lease at £5.00 per sq ft and 20,000 sq ft to CA Unilver, also on a ten year lease at £4.75 per sq ft.
Proactive approach ensured maximum value
Our marketing strategy ensured that the letting void and void holding costs were minimised and that rental value was maximised, despite the building having already been empty for a number of years.