(London) – Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), has completed two lettings at Uxbridge Industrial Park, meaning the site is now fully let less than a year after completion.
Together, the two deals represent approximately 171,000 sq ft of industrial and distribution warehouse space. Unit UX1, which covers 134,000 sq ft of distribution space, and UX2, a 37,000 sq ft unit, have each been let on ten-year leases. Terms were agreed on a third unit prior to its completion last year.
Aviva Investors completed a £32.7m development funding agreement in September 2017 to speculatively develop three units, with the build completing in October 2018. The scheme adds to an existing cluster of holdings in West London, which continues to be a long-term core market for the business.
Colliers International and JLL acted for Aviva Investors.
Alastair Wakefield, Associate Director, Real Estate at Aviva Investors, said:
“Demand continues to be strong in the industrial and logistics sector across West London and the South East. The success at Uxbridge Industrial Park is testament to that and we are delighted to have secured lettings on the final two units of this scheme. The development represents a continuation of our focused strategy of developing a portfolio of high-quality assets in core locations that offer strong returns potential for our clients."
Patrick Rosso, Director, Industrial & Logistics, Colliers International, said:
“For both UX1 and UX2 to let so quickly upon completion is further proof of the depth of demand and the strength of the market around Uxbridge and West London. With average void periods now at an all-time low in this area, good quality, well-located Grade A stock is more sought after than ever.”