Food supplier Fresh Direct has leased a 68,000 sq ft unit at Standard Life Investments Pooled Pension Property Fund’s Thames Gateway Park in Dagenham.
The company has taken a 15-year lease and will pay £8.25 per sq ft.
Thames Gateway Park was developed by Standard Life Investments in 2004 and the third phase has just been completed. The park comprises 18 units totalling nearly 600,000 sq ft and is let to tenants including Premier Foods, Bishops Move and Kuehne + Nagel.
Standard Life Investments intends to continue expanding the site with a fourth phase, to comprise a further three units ranging from 35,000 sq ft to 55,000 sq ft.
David Stewart, fund manager of the Standard Life Investments Pooled Pension Property Fund, said: “We are pleased to have delivered high specification industrial accommodation in such a key location at this point in the cycle. The project has enabled us to deliver added value and, at the same time, increase our investment in core South East industrial stock.”
Altus Edwin Hill and GVA acted as joint agents for Standard life Investments. Johnson Waud acted for Fresh Direct.
