- Date of Article
- Nov 02 2023
- Sector
- Commercial sectors
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Acquisition of over 800,000 sq ft between 7 sites on behalf of one of the UK’s largest parcel operators, acquiring one freehold, two assignments (plus reversionary leases) and four new leases on buildings across the UK (Bodmin, Basingstoke, Chester Le Street, Grays, East London, Coventry and Rotherham).
Disposal of 3 million sq ft, 200 acres on behalf of SAPPI which was one of the largest Brownfield sites in Switzerland in 2012 sold for over €50 million.
On behalf of Emerson Electric Andrew has advised on numerous acquisition/disposals and CRE projects across the UK including a design and build facility in Aberdeen of 60,000 sq ft, 100,000 sq ft in Cumbernauld for manufacturing /industrial. He has also worked on several acquisitions including HQ offices in Leicester and London as well as several of lease events on properties across the UK. Andrew has been involved in over 50 transactions over a period of 20 years.
Finally, Andrew has been the leading voice in the open storage evolution and heads a team of seven professionals dedicated to the OS sector. He advises a number of open storage investors and has led on various transactions on behalf of Moorfield, including the BCO portfolio of four sites across the UK. Andrew has also advised Opensite on their portfolio including lettings and reviews on properties in Birmingham, Dartford, Thurrock, Manchester and other locations. He has also pioneered the open storage classification system which is widely adopted.
The Jockey Club has appointed Carter Jonas and M1 Agency to launch 15 open storage sites of non-core racing land, to the occupier market.
Each site is within The Jockey Club’s portfolio and strategically located on or near its network of racecourses across the UK. Carter Jonas’ dedicated open storage team is working alongside M1’s niche commercial agency team and The Jockey Club, to unlock the potential of each site.
The locations, which do not impact racing land, provide a range of flexible open storage options, including automotive vehicle storage, bulk storage solutions, and distribution services, and are capable of being tailored for smaller, individual plots or larger expansive spaces. Opportunities range from 0.25 to 10 acres and include sites such as Huntingdon, Haydock Park, Carlisle and Sandown Park.
Stuart Mitchell, Managing Director of The Jockey Club, said:
“We are delighted to be launching this open storage portfolio. The Jockey Club is seeking to diversify our revenue streams to reinvest back into British Horseracing and has a vast portfolio of surplus non-core land which will lend itself well to the open storage sector without hindering or affecting our day-to-day operation of our 15 courses both long-term, and short term in racing off seasons. We believe our prominent locations close to major urban conurbations and transport infrastructure will provide excellent locations for occupiers seeking open storage solutions.”
Andrew Smith, Partner, Commercial, Carter Jonas, commented:
“Each site contains a combination of factors, including the requisite scale and specifications, increasingly sought by open storage occupiers. In recent years, the rapid acceleration of this sector has been driven by high demand from a more diverse field, including niche users to the more traditional building contractors, logistics and parcel distributors. Given the quality of these sites, we expect them to appeal to occupiers, who consider such locations as ‘mission critical’ to their operations, and we look forward to working with Stuart and his team over the coming months to release their value.”
Jonjo Lyles, Partner at M1 Agency, added:
“These sites are strategically situated within or in close proximity to 15 prestigious racecourses across the country, collectively spanning an impressive 5,000 acres. Each of these locations offers a versatile range of open storage solutions, distribution services and logistical prospects for an ever-growing open storage market.”
