British Land (BL) has sold its Heathrow Gateway industrial development in Feltham, near Heathrow Airport, to New Star Property Unit Trust for in excess of £65m.
BL developed the first 219,939 sq ft unit, which was prelet to Consignia at £7.75 per sq ft in 2002.
The group subsequently developed speculatively the second phase 126,958 sq ft unit, which was let prior to practical completion to Eagle Global Logistics at £11.20 per sq ft.
There is an outstanding rent review in respect of the Royal Mail unit, which is expected to provide a substantial rental uplift.
A final phase, comprising a 93,500 sq ft unit, was also developed speculatively and sold to an owner occupier in July of this year.
King Sturge acted for British Land and Rogers Chapman acted for New Star.
References: EGi News 18/11/05
