Legal & General’s Industrial Property Investment Fund (IPIF) has let three units on Festival Business Park in Basildon, Essex, to three separate occupiers. Legal & General was advised by property consultancy Glenny LLP. Unit 1, a semi-detached unit of 20,070 sq. ft., has been let to Global Freight Connections, a freight-forwarding specialist, on a 10-year lease. Unit 2, also a semi-detached unit of 20,064 sq. ft., has been let to Leondardo MW Ltd, a world-class advanced engineering company, for a term of nine years. TeamSport Go Karting, an indoor go karting company, has taken the third unit – an end-terrace 29,650 sq. ft. warehouse on a 20-year lease. Jim O’Connell, Divisional Partner in the Business Space Agency team at Glenny, said: “The disposal of these three mid-sized warehouses on Festival Business Park represents a successful investment for IPIF. Now fully-let on long-term leases to three reliable occupiers, the new lettings also repositioned the rents on the park, achieving for the client substantial increases over and above the previous rents.” There is a final 17,755 sq. ft. unit still vacant on the site, which is yet to be let. Glenny is joint agent on the lettings alongside JLL, and is on board to market the final unit.
Legal & General lets 70,000 sq. ft. on Festival Business Park, Basildon
By Robert McAllister