Monthly Archives: October 2013
Leading South West commercial property developer London and Devonshire Trust has secured its first investment sale at the city’s up and coming Plymouth Enterprise Park at Ernesettle Lane just off the A38.
In competitive bidding a private pension fund has bought four acres of fully let land at the site for £830k showing an equated yield of circa 8.5 per cent.
Occupied by Westcountry Storage Solutions and Vi-Spring Ltd on two co-terminus leases, the land has been let on twenty-year terms.
Development advisor Philip Kerr of Harcourt Kerr, said:
LDT has a proven track record in swiftly regenerating vacant sites into profitable investment opportunities. It has been less than four months since the 22-acre park was launched and we are securing leases as quickly as tenants come along and in this way we create investment opportunities releasing cash that can be recycled into the site.”
In a move to make the remainder of the site attractive to potential tenants, the developer has recently submitted outline planning permission for mixed-use industrial and business space. The intention is to open the way for any future tenants to occupy the remainder of the site. Already Fulcrum Power Generation Ltd has achieved planning for an acre of the park to house a 20-megawatt backup power generation unit and will be taking occupation before Christmas.
Daniel Stephenson, Managing Director of LDT, said:
The site’s credentials are excellent as an existing brownfield site with infrastructure already in place. We expect to see further investment opportunities realised as the site matures with new tenants attracted to Plymouth’s growing business status.”
London and Devonshire Trust (LDT) has submitted an outline planning application for the 22-acre Plymouth Enterprise Park (PEP).
The application for the Park, on the site of the former Toshiba factory at Ernesettle, was drawn up following a public consultation exercise, and has now been lodged with Plymouth City Council.
Daniel Stephenson, Managing Director, LDT said:
We aim to regenerate this brownfield site and as a result hope to create much-needed jobs for Plymouth. We are confident that market conditions are right for us to invest in the city.
As many manufacturers are looking to bring operations back to the UK, Plymouth, with the benefit of its maritime port, is becoming increasingly appealing as a business location.
Plymouth Enterprise Park, only seconds from the A38 with its links to the rest of the region, and just one junction away from the port, is a prime location for businesses looking to expand or move to the UK.”
LDT has already attracted interest in the 166,000 square feet of mixed-use industrial and business space. Four acres immediately adjacent to the PEP site have already been let, with neighbouring bed manufacturer Vi-Spring and Ashburton-based Westcountry Storage Solutions having signed deals for car parking and open storage space.Additionally Fulcrum Power Generation Ltd (FPGL) is leasing an acre of land at the site for a 20-megawatt power generation unit.
LDT has successfully redeveloped several commercial sites across the South West including the Marsh Barton Industrial Estate in Exeter, the Tiverton Trade Centre, Mid Devon Business Park and at the Royal Portbury Docks in Bristol.