Food firm secures expansion space
16 November 2023
Food wholesaler Shankar Foods has snapped up one of Orchard Street Investment Management’s newly refurbished warehouse units at its Nimbus Park industrial estate in Dunstable to facilitate its UK expansion.
By Liza Helps Property Editor Logistics Matters
THE WHOLESALER has taken the 28,936 ft2 building on a five year lease at a rent of £10.50 per ft2.
The letting follows a comprehensive refurbishment of the unit, which was delivered with sustainability in mind, transforming the estate’s green credentials and improving its EPC rating to B. The refurbished facility utilises LED lighting and offers generous parking, with electric vehicle charging points to encourage sustainable travel. Shankar Foods will also benefit from a secure yard and 8.75m eaves height.
In line with Orchard Street’s commitment to increasing renewable energy usage across its portfolio, this unit has been fitted with rooftop solar PV panels projected to generate more than 53 MWhrs of renewable energy each year. The refurbishment forms part of a wider retrofit programme at Nimbus Estate, with a focus on solar PV installation. A total of 135 kWhr peak of solar PV panels have been installed across three units, to cater for robust occupier demand for flexible, energy efficient space in prime locations
Josh Quinton Smith, Asset Manager at Orchard Street, commented: “To have quickly secured a tenant for our recently refurbished space is testament to the ongoing demand for modern, sustainable buildings that are strategically located within major industrial hubs. We will continue to evaluate the ESG credentials of our assets with the understanding that investing in sustainable buildings is not only the right thing to do but continues to attract a range of discerning occupiers who recognise the financial, corporate and environmental benefits of occupying these spaces.”
Orchard Street paid £27.95 million for the 139,103 ft2 eight unit multi-let Nimbus Park scheme plus the nearby 10/10a Foster Avenue, a semi-detached industrial unit of 18,639 ft2 in November 2018. Both properties were fully-let at the time off a low passing rent of £7.01 per ft2 overall. In 2021 two units totalling 45,652 ft2 were let on 10 year leases at £9.25 and £9.50 per ft2.
In the most recent lettings Orchard Street was advised by Adroit Real Estate Advisors and Hollis Hockley.