abrdn’s AIPUT fund (Airport Industrial Property Unit Belief) has as we speak introduced the freehold acquisition of Commerce Metropolis Luton.
Commerce Metropolis Luton kinds a part of the Kingsway Industrial Property, situated within the coronary heart of Luton. This new industrial park, providing a variety of extremely versatile models between 5,000 and 27,000 sq ft, is positioned to attraction to first and final mile logistics occupiers, profiting from Luton’s rising standing as a quickly increasing commuter city and multi-modal logistics hub, with easy accessibility to a neighborhood inhabitants of over 1 million. Situated on the A5065, the location is one mile from Junction 11 on the M1, 4 miles from the airport and inside 15 miles of the M25. Commerce Metropolis Luton advantages from glorious rail connectivity to the Midlands, North, south into London and to a lot of main regional gateway ports.
This prime 125,000 sq ft industrial regeneration scheme, developed by Kier in 2021, helps round 250 jobs and dovetails properly with AIPUT’s technique to actively help the nation’s logistics and provide chain resilience by investing within the essential industrial infrastructure that UK plc wants in a post-Brexit and post-Covid world. The market-leading specification of the scheme – which incorporates EV charging stations and
sensible vitality metering – helps AIPUT’s Web Zero technique, attaining an EPC ‘A’ score and BREEAM Very Good. Common headline rents at Commerce Metropolis Luton stand at solely £10 per sq ft, in comparison with £17 per sq ft usually out there regionally.
Commerce Metropolis is proving to be a well-liked location for a variety of enterprise sectors, having attracted three new lettings already in 2022, together with Evolution Ceramics, Euro Style and Gopuff, every supporting wider financial progress and job creation within the native space. Solely two models are at the moment vacant.
Nick Smith, Fund Supervisor for AIPUT, commented: “This newest addition to AIPUT’s industrial actual asset portfolio represents our first funding in Luton, an extremely well-connected however supply-constrained South-East city that’s making big strides in constructing again higher following the brutal challenges of current instances.
“Commerce Metropolis Luton represents a key step-change in our drive to remodel the resilience of AIPUT’s portfolio, serving to fulfil our lead technique to decarbonise and diversify our industrial actual property in thriving gateway markets. Responsibly regenerating and investing in the easiest extremely energy-efficient and extremely adaptable industrial property is essential to attraction to a brand new breed of first and final mile occupiers and their employees.
“Our purpose is to leverage each alternative right here to make use of our asset administration expertise to unlock actual long-term worth for folks and companies, as a lot as working to reinforce the underside line. Key shall be selling and plugging into the greener transport of products and folks by means of Luton’s in depth multi-modal provide chain networks.”
Leigh Thomas, Managing Director for Keir Property commented: “This sale demonstrates our capacity to develop, add worth and safe key occupiers in key places.”
AIPUT’s acquisition of Commerce Metropolis Luton follows swiftly on the heels of the fund’s current acquisition of Tesla’s Crawley HQ and the close by 95,000 sq ft GIA Fleming Enterprise Centre, each situated in shut proximity to Gatwick Airport.
AIPUT was suggested by JLL and Eversheds Sutherland.