Kier Property has sold its Trade City development in Maidenhead to Royal London Asset Management (RLAM) for £20m.
Kier purchased the 3.35 acre site on Clivemont Road, Cordwallis Industrial Estate in July 2017. It sold part of the site to the data centre operator, Iomart Group, in February 2019 which was already in occupation.
The new 54,000 sq ft industrial scheme was developed on two neighbouring sites and reached practical completion in October 2021 with a BREEAM Very Good rating.
Prior to the sale Kier secured a 35,000 sq ft pre-let to Furniture Village, with four of the six small units also under offer prior to practical completion.
Leigh Thomas, managing director for Kier Property commented: “We developed this much-needed industrial space in a strong and resilient market, where there was limited supply.”
At Trade City Maidenhead, Kier focused on the potential end-user requirements and sustainable offering. This led to the use of solar photovoltaic (PV) panels, electric car charging points, life cycle analysis (LCA), sustainable drainage systems (SuDs), cycle storage, the use of sustainable construction materials and energy efficient LED lighting.
Nick Short, Senior Asset Manager at RLAM, added: “Having previously acquired the adjacent Cordwallis Business Park in 2018, we are delighted to have completed this purchase and grown our industrial holding in Maidenhead. The town is starved of quality industrial space and the new units are well placed to benefit from future rental growth as the industrial market continues to perform strongly. Furthermore, the strong ESG credentials of the units will help contribute towards our Fund’s ambitious targets in this area.”
Kier Property was advised by LSH. RLAM was advised by ClayStreet
Kier Property has developed more than 6 million sq ft of industrial space under its Trade City and Logistics City brands. In addition to Maidenhead they have schemes in Andover, Luton, Manchester, Whiteley and Winsford.