Industrial in Review | 2024

Over the year, we have been working with numerous landlords/owners across several East and North London industrial estates to provide a suitable tenant mix and position for the wider trends in the area.

Lockwood Industrial Estate, Tottenham

• We continued our work on the estate, letting Unit 15 to Morgan Sindall Property Services and Unit 4 to Dryer and Hoffman Ltf. We've also continued our lease advisory services and rent reviews, with market rent at around 23.00 per sq ft. Unit 8 on this estate is currently available to purchase with vacant possession.

Rangemoor Industrial Estate, Tottenham

• On a nearby estate which we have been acting on for years, Unit 4, a 2,879 sq ft space, is under offer to a national trade occupier for £25 per sq ft (Dec 24).

Lockwood Way, Walthamstow E17

Instructions

• On behalf London Borough of Waltham Forest, we are marketing three vacant units at Lockwood Way, E17, circa 3,800 sq.ft each. We have been working closely with the lease advisory team, who has been advising the council on various lease events on the estate.

Coming in 2025

• We are launching a 10,300 sq ft refurbished unit in Q2 2025.

Uplands Business Park, Walthamstow E17

Transactions

• Over the year, we have acted on behalf of Blackrock at Uplands Business Park, with three lettings completed at circa £25.00 per sq ft. This vibrant creative and F&B community welcomed Ted Veg, expanding their popular Borough Market brand into East London.
• Square Mile  have expanded on site this year, with an additional 10,000 sq ft to scale up their distribution of premium coffee to their extensive network and new members.
• Hackney Gelato expanded within the estate, and the amenities continued to grow.

Coming in 2025

• We will have six units ranging from 3,000 –to 16,000 sq.ft.

Florentia Clothing Village, Harringay

Transactions

• Working with General Projects on this dynamic campus of spaces, they welcomed Valantino Vinnini a talented sculpture artist along with Large Format Films for their photography/videography business. New leases have achieved circa £28 psf.

Coming in 2025

• Continuing with the trend to house creative maker space, we will be l launching new purpose-built Grade A studio, workshop, and light industrial spaces that provide 90,000 sq ft, with units ranging from 300 to 1,500 and open to flexible uses.

From our deep dive into trends back in June, we are seeing a steady interest from the creative sector of artists, markers, and fashion brands. 

This year alone, we've found homes for two major fashion retailers in Kings Cross Industrial space - Chanel moving into Unit 10 Brewery Road and Alexander McQueen moving into Unit 12. It was a big move for both retailers, occupying 35,391 sq ft. 

Industrial spaces in London are often compromised by a lack of loading facilities or traditional logistics constraints, making these refurbished units unique and fitting for modern urban logistics, which need easy accessibility into London.

We've had interest from F&B providers, beauty, wellness, fashion, health, and more for viewings and searches, emphasising that more businesses are open to well-connected industrial spaces that fit their requirements.

There has been steady e-commerce growth thanks to the expansion of online retail - relying on fast delivery services to fulfil customer expectations.

Growth in the F&B and pharmaceutical sectors has continued through 2024, with more businesses looking for spaces accommodating temperature control facilities.

The Uplands Business Park Expansion is a clear example of this - from Hackney Gelato and Square Mile's recent expansion to newer businesses joining, like Ted Veg, and the site continues building on the vision of an artisanal/industrial-led community by catering to their requirements.

Buying development sites has been popular this year, even with market uncertainties. Some of our key transactions include:

Key transactions

4 Acre Site in London Borough of Newham

• Barratt Homes will be building a sprawling mixed-use development of 871 homes.
• Client - Private

Land with planning permission for a future £1B data centre

• The team are also delighted to be involved in the sale of land for the future data centre in the London Borough of Newham.
• Client - Private

Notable instructions

2.63 acre with residential planning permission in Grays

• We recently launched the sale of Chafford Hundred, Grays, 2.63 acre with residential planning permission 203 residential unit's alternative uses can be considered.
• Client - Private

2.03 acres for redevelopment in Leyton E10

• Coming soon in Q1 2025, 2.03 acres in Leyton E10, existing circa 45,000 sq. Warehouse accommodation with 213 residential homes (100% Private).
• Client - Private

0.71 acres in Stoke Newington N17

• Also launching in Q1 2025, the site has planning for 32 units

0.982 acres in Bruce Grove N17

• Q1 2025 - Planning in principle for a residential scheme.
• Client - Private

There has been a continued demand for industrial and open storage space. We've advised both local authorities and private clients that we've managed to sell and re-gear existing leases on their behalf.

Key transactions

Sold 5 acres (net 2.5 usable) for £5m at Arundel Road, Uxbridge

• We sold this land to a private investor for continued industrial use.
• Client - on behalf of LB of Hillingdon

Sold an acre of land in Grays

• The land was sold to Infinium Logistics based on their increased need and demand for EV charging
• Client - private

Advising on a 1.28 acre site in Wick Lane

• Our team has been advising on a recent re-gear of an existing lease to Tarmac
• Client - private

Coming soon

• 4.94 acres at Victoria Stone Wharf in Barking, which is available to rent
• Half an acre in Mitcham is available to rent for open storage
• We will soon be launching 3.9 acres to rent for open storage in Edmonton

With the market shift and noticeably different types of occupiers entering the playing field, we've noticed:

• Power supply is frequently asked for, which can be linked to the challenges of the national power grid and demands from energy-intensive industries.
• Flexible interior space and open storage are equally popular, possibly due to the rising demand from the creative sectors.
• Along the lines of flex space, film studios are requesting open plan or blank canvass properties, with operators willing to pay a premium due to the flexibility industrial spaces offer. 

We touched on this in our last trends update  - occupiers looking for larger industrial units have sustainable and ESG specifications as a core requirement in mind when deciding. All ESG-compliant buildings are considered "prime" assets, offering better long-term prospects for investors who will save on future retro-fitting costs.

As sustainability is becoming something that businesses and brands align their corporate goals with, this requirement is becoming more of a market differentiator alongside a compliance necessity.