LOGISTICS PROPERTY TODAY - King Sturge

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NEWS & STORIES Fusion at Trafford Park, Manchester Fusion at Trafford Park, Manchester, is a new high-bay warehouse facility developed by CDP and funded by Legal & General, available to let through King Sturge. Fusion is located in the heart of Trafford Park at the Europa Gate roundabout, which links Westinghouse Road with Europa Way and John Gilbert Way. Electric Park has already attracted the national distribution centres for Kellogg’s, L’Oreal and Associated British Foods, highlighting the strength of this location. The accommodation comprises a warehouse of 18,580 m² (200,000 ft²) and a two-storey office of743 m² (8,000 ft²). The warehouse consists of a 15m eaves height and has 16 dock and three level access loading doors. For further information contact David Brooks 0161 238 6239. n ProLogis Park, Stafford Two new distribution warehouses remain available to let through King Sturge. The available units are: DC1 (Crossflow 540): 50,675 m 2 (545,470 ft 2 ) (has recently been let to Screwfix Direct); DC2: 11,877 m 2 (127,845 ft 2 ) ; DC3: 6,528 m 2 (70,270 ft 2 ). These three buildings represent Phase 1 of the development. Phase 2 (likely to complete in summer 2007) will comprise 21,368 m 2 (230,000 ft 2 ). Positioned at junction 14 of the M6, ProLogis Park, Stafford is strategically located in the central M6 corridor. Birmingham is 28 miles to the south and Manchester is 58 miles to the north. For further information contact Carl Durant or Steve Johnson: 0121 200 7147 or 0161 238 6238 respectively. n M400 Heywood Distribution Park, Manchester Planning consent has been obtained by Slough Estates for up to 37,161 m 2 (400,000 ft 2 ) in a single building as a design and build opportunity. King Sturge is jointly marketing the opportunity. For further information contact David Brooks 0161 238 6239. n Sectors The non-food retail sector has been the dominant sector in the take-up of new units over 10,000 m², accounting for 39.2% to Q3 2006. This compares with a share of 23.4% from the amount taken up in 2005. The rest of the floorspace was distributed relatively evenly among logistics companies, manufacturers, and food retailers, which took up 19.1%, 17.5% and 16.7% respectively, with “others” accounting for 7.4%. Take-up of new logistics facilities of 10,000 m 2 and over by sector % 100 90 80 70 60 50 40 30 20 10 0 2001 Source: King Sturge 2002 Non-food retailers 2003 2004 Food Retailer 2005 2006 end Q3 Other Manufacturer Logistics company Size analysis The average size of units over 10,000 m² taken up in new logistics facilities has picked up again in 2006 following a dip in 2005. At the end of Q3 2006 it stood at its highest level in 10 years at 28,833 m² (310,355 ft²), compared with 21,203 m² (228,227 ft²) in 1996. Average size of unit taken-up in new logistics facilities of 10,000 m 2 and over m 2 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 1996 Source: King Sturge 1997 1998 1999 2000 Trend line 2001 2002 2003 2004 2005 2006 end Q3
NEWS & STORIES Big Sam, Wingates Industrial Estate, Bolton King Sturge has acquired Big Sam for Handleman UK . This is a 25,520 m 2 (274,700 ft 2 ) speculative high-bay warehouse developed by Barwood and Arlington. The 25,520 m 2 (274,700 ft 2 ) unit includes cross-docking facilities with eight dock levellers and four level access doors on each side with a 14m clear headroom. For further information contact David Brooks 0161 238 6239. n Wynard 360, Wynard Park, Tees Valley King Sturge is currently marketing this 35,303 m 2 (300,000 ft 2 ) warehouse which has recently completed and is now available to let. The developer is HelioSlough. For further information contact Simon Hill 0191 279 0006. n Nimbus Park, Thorne, Doncaster King Sturge is acting as joint agent for developer HelioSlough to market the UK’s largest speculative logistics scheme - a 69,677 m 2 (750,000 ft 2 ) warehousing and distribution complex on a 60 acre site at Thorne, Doncaster, adjacent to the M18 at junction 6, around 8 miles to the north-east of Doncaster town centre. Construction work on the development is underway and on target for completion before the end of the year. A single user is being sought by King Sturge at a rent of £4.75 per ft 2 . Phase 1 will include 92 dock-level entry doors, 113 dedicated trailer parking spaces, three-storey offices, a gatehouse-controlled entrance, HGV vehicle wash and refuelling facilities. A dedicated railway siding could also be incorporated to the development to facilitate rail freight transport from the Doncaster-Hull line. For further information contact Richard Harris 0113 235 5249. n Units 5010 and 5020 G Park, Western Approach, Bristol This is the largest proposed speculative scheme in the Bristol area, totalling over 29,729 m 2 (320,000 ft 2 ) in two buildings of 10,916 m 2 (117,500 ft 2 ) and 19,045 m 2 (205,000 ft 2 ). Planning has been secured and a start is due on site in January. The developer is Gazeley, funded by Hermes. King Sturge is joint agent. For further information contact Paul Baker 0117 930. n SUPPLY Speculative development The level of new speculatively built logistics space available in new units over 10,000 m² has continued to increase in 2006. There were 67 units either immediately available or under construction at the end of Q3 2006, accounting for 1.57 million m² (16,899,339 ft²) of floorspace, compared with 1.25 million m² (13,454,888 ft²) in the same period a year ago, representing an increase of 26%. One noticeable change from one year ago was in units in the band 25,000 m² to 49,999 m². The number of units available/under construction doubled from 9 to 18 and in terms of space represented a 96.2% increase in floorspace. Available* logistics facilities of 10,000 m² and over, end-September 2006 Size band No. of units Total floorspace (m²) 10,000 to 24,999 m² 44 672,451 25,000 to 49,999 m² 18 602,652 50,000 m² and over 5 296,904 Total 59 1,572,007 * Available schemes comprise newly completed buildings and units under construction Of available space at end-September 2006 ProLogis held the largest share at 18% of total available floorspace. Other major developers such as Gladman, Gazeley and Rosemound accounted for 12%, 11% and 8% respectively. Land supply and land values Six of the 10 regions listed in the table below have shown significant uplift in land values over the last 12 months. This is an indicator of the limited supply of good quality logistics stock in Britain. As reported in the spring issue of Logistics Property Today, Scotland has seen the largest increase in land values over the last year, rising from £200,000 to £300,000 per acre, representing an increase of 50%. The East Midlands has seen significant growth in land values over the past year, up from £350,000 to £450,000 per acre (28.6%). Land values have also notably increased in the North West, from £300,000 to £350,000 per acre (16.7%) and in the South West, from £350,000 to £400,000 per acre (14.3%), with the South East (excluding Heathrow) and Wales showing smaller increases of 13.6% and 12.5% respectively. The West Midlands, East Anglia, Yorkshire and Humberside and the North East have shown no change in logistics land values over the past year. Logistics Land Values, September 2006 Region £ per acre South East (excl. Heathrow) 850,000-1,100,000 West Midlands 500,000 East Anglia 300,000-400,000 South West 300,000-400,000 East Midlands 250,000-450,000 North West 250,000-350,000 Yorkshire & Humberside 200,000-250,000 Scotland 150,000-300,000 Wales 200,000-225,000 North East 100,000-150,000 Note: Land values are based on prime locations
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LOGISTICS PROPERTY TODAY - King Sturge

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