Developer secures residential site for warehousing
Ultra-urban industrial investor and developer Bloom, and TPG Angelo Gordon intend keep the Poplar Business Park in East London for industrial and logistics use despite the fact that the site has planning for 222 homes.
By Liza Helps Property Editor Logistics Matters
The joint venture recently paid Workspace Group £21.5 million for the Poplar Business Park scheme located in London Docklands adjacent to Canary Wharf and London City Airport.
It currently comprises 75,345 ft2 of industrial and business space across 29 units ranging in size from 652 ft2 to 11,148 ft2, located adjacent to Canary Wharf and London City Airport.
Although the 2.4-acre site has planning consent for 222 homes plus commercial space, Bloom and TPG Angelo Gordon intend Poplar Business Park to remain an industrial estate and plan to carry out a refurbishment that will improve the property’s EPC rating to ‘A’.
There are 19 tenants, including Colt Technology Services, NTL National Networks, and Tower Hamlet Homes, and the weighted average unexpired lease term is 2.1 years to breaks and 4.4 years to expiries.
This acquisition is the seventh in London since the inception of Bloom’s joint venture with TPG Angelo Gordon in 2021. Bloom and TPG Angelo Gordon acquired the other six London assets in Brixton, Greenwich, Hackney, Fulham, Camberwell, and Park Royal, representing a mix of refurbishment and ground-up redevelopment projects.
These seven assets will provide approximately 285,000 ft2 of high quality multi-let industrial and business space with strong sustainability credentials – earning EPC ratings of ‘A’ or ‘A+’ and BREEAM ratings of ‘Very Good’, ‘Excellent’, or ‘Outstanding’ – in TfL Zones 2 and 3. Refurbishment and development work on all seven assets is expected to be completed in the next year.
Bloom and TPG Angelo Gordon were advised by Acre Capital Real Estate, and Workspace Group was advised by CBRE.
