CBRE Industrial completes the South East’s largest pre-let of 2007

CB Richard Ellis’s Industrial and Logistics team have recently completed three major lease transactions totalling 710,000 square feet, including this year’s largest pre-let.

Acting as sole agents for Canmoor Developments and Kenmore, CBRE let the entire 14.75 acre site at Edinburgh Way, Harlow (known as Arrow Park), which will be developed for non-food retailer Comet Plc’s new south-east distribution centre. The scheme stands as 2007’s largest pre-let transaction and was let on a new 20-year lease with fixed uplifts at £6.15 psf. The CBRE Capital Markets team will be retained to sell the investment.

In a separate deal, CBRE have let the biggest speculatively built distribution unit in Oxfordshire. ProLogis Park, Didcot − a 167,000 square foot distribution unit − has been let to Ryobi, a Hong Kong-based power tools manufacturer, at £6.25 psf on a 10-year lease with a tenant-only break option at the seventh year.

In the final of the three recent deals, CBRE let 158,250 square feet in Hemel Hempstead on behalf of ProLogis to ASOS Ltd, an internet fashion retailer. The space was let only six weeks after practical completion of the speculative unit. ASOS (As Seen on Screen) took the space on a 10-year lease with a tenant-only break option in year five, at a rent equating to £7.70 psf.

“These substantial transactions prove that the industrial sector is certainly active and major deals are being done,” said Richard Harman, a director of CBRE’s Industrial Agency.