Overview:
A purchase from and leaseback to Meggitt Plc who have occupied since construction in 1987 (previously as Cobham Composites).
The buildings extend to 48,845 sq ft set upon 3.8 acres. Of the 3.8 acres, 1.40 acres comprised a raised standalone development plateau currently used for parking. This development plateau is the last undeveloped plot on Gelders Hall Road industrial estate.
The property provides good quality industrial accommodation located only a 3-minute drive from J23 of the M1.
An original leaseback duration of up to 3.25 years was agreed to allow Meggitt to relocate to a second site they own nearby.
Our original project plan was to refurbish the existing buildings upon vacant possession, letting and trading the investment. Concurrently, we planned to market the development plot as a freehold design and build opportunity.
10 months into the lease and following a takeover of Meggitt Plc by a US-based manufacturing business named Parker Hannifin, we agreed terms for a lease regear of up to 11.5 years, with 6.5 year term certain.
The terms of the lease regear also enabled the release of the development plateau at 6 months’ notice. It is our intention to trigger the release and submit a planning application for new industrial development of up to c30,000 sq ft.
