Bloom and TPG Angelo Gordon buy £21.5m Docklands business park

Industrial developer Bloom and investing platform TPG Angelo Gordon have bought a highly reversionary business park next to Canary Wharf from Workspace Group for £21.5m. Poplar Business Park, a prime multi-let industrial estate in Tower Hamlets, spans 75,345 sq ft of industrial and business space across 29 units, ranging in size from 652 sq ft to 11,148 sq ft. There are 19 tenants, including Colt Technology Services, NTL National Networks and Tower Hamlet Homes, and the weighted average unexpired lease term is 2.1 years to breaks and 4.4 years to expiries. Located in Docklands, the estate is close to London City Airport as well as road, rail and Underground links. Joint venture partners Bloom and TPG Angelo Gordon also expect to benefit from housing growth in Tower Hamlets, which is expected to be one of the largest providers of new homes in London over the next 10 years. The 2.4-acre site has planning consent for 222 homes plus commercial space, but Bloom and TPG Angelo Gordon intend for Poplar Business Park to remain an industrial estate and plan to carry out a refurbishment that will improve the property’s EPC rating to A.  This acquisition is the seventh in London since the inception of Bloom’s jv with TPG Angelo Gordon in 2021. Their other six London assets are in Brixton, Greenwich, Hackney, Fulham, Camberwell and Park Royal, representing a mix of refurbishment and ground-up redevelopment projects. Together, the seven assets will provide approximately 285,000 sq ft of high-quality multi-let industrial and business space with strong sustainability credentials – earning EPC ratings of A or A+ and BREEAM ratings of Very Good, Excellent or Outstanding – in TfL Zones 2 and 3. Refurbishment and development work on all seven assets is expected to be completed in the next year.  Sam McGirr, co-founder and managing partner of Bloom, said: “Our seventh ultra-urban project in London aims to support the changing needs of businesses and consumers, who are seeking speed and convenience. We are committed to helping address the need for highly sustainable warehouse space in London, which has become increasingly important but is currently severely lacking.” Bloom and TPG Angelo Gordon were advised by Acre Capital Real Estate; Workspace Group was advised by CBRE. Explore the Docklands submarket with EG’s enhanced Market Analytics >> Image © Bloom and TPG Angelo Gordon