Orchard Street Investment Management and Chancerygate have let two warehouse units prior to practical completion at their Maylands Point development in Hemel Hempstead.
The 36,000-sq ft Unit 1 has been let to Selco, the builders merchants, at a rent of £10.50/ sq ft. Unit 2, comprising 22,400 sq ft, has been let to a leading national distribution company at a rent of £9.50/sq ft. Both leases are for 10-year terms.
Located close to junction 8 of the M1 and only three miles from the M1/M25 junction, the high specification units front Maylands Avenue and offer HGV access at the rear, together with secured yards.
Orchard Street acquired the site as part of the £100m Orbital portfolio acquisition in 2015, and Chancerygate was appointed as development partner thereafter.
Helena Kolsaker, asset manager at Orchard Street, said: “We are very pleased with the success of this speculative development, which has proved to be an excellent investment on behalf of our clients.”
Jonathan Lee, development director at Chancerygate, added: “These lettings illustrate the strength of occupier demand for high quality buildings, which is underlined by the fact that both businesses are new entrants to this strategic location.”
Colliers International advised Selco. Brasier Freeth and dohertybaines were letting agents for the scheme.
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