EXCLUSIVE: Japanese real estate company Mitsui Fudosan and Panattoni secure Falcon Estate near Heathrow for logistics redevelopment
In what is believed to be only its second joint venture with logistics developer Panattoni, Japanese global real estate company Mitsui Fudosan has secured the 10-acre Falcon Estate within the North Feltham Trading Estate near Heathrow, West London, which it intends to redevelop to provide up to 250,000 ft2 of logistics space in an off market deal sealed this week.
By Liza Helps, Property Editor, Logistics Matters
THE PRIVATE mixed-use estate was owned and managed by Simmons & Hawker Ltd. The company previously an engineering manufacturer is believed to have moved to the site in 1973. According to public records by 1982 the company was letting under licence surplus accommodation and land not immediately required for its own use. On its current website Simmons & Hawker (Falcon Estate) describes itself as a long established family owned company.
In its most up to date accounts the freehold investment properties on the estate had a net book value of £47,599,500 as at 31st March 2024. It is not known how much Mitsui Fudosan and Panattoni paid for the site.
Last year Mitsui Fudosan announced it had executed joint venture documents to form a partnership with Panattoni UK to jointly invest in its first UK logistics project known as Panattoni Park Coventry in the Midlands. The £135 million net zero carbon speculative logistics development is located on a 47-acre site by Junction 3 of the M6, which was acquired from L&Q Estates. It has planning for up to 600,000 ft2 and Panattoni and Mitsui are developing three units on the site of 540,000 ft2, 20,000 ft2 and 40,000 ft2. All will target BREEAM Outstanding and an EPCA+ rating.
The new development in West London known as Panattoni Park Heathrow is being promoted as a build-to-suit opportunity for a bespoke building of up to 250,000 ft2 ahead of a planning submission.
Panattoni Development Manager Alex Mitchell aid: “This acquisition at Heathrow represents a significant opportunity to provide much-needed, high-quality logistics space in a critically important and supply-constrained market.
“Panattoni Park Heathrow represents one of the latest significant development sites near the airport, offering occupiers the chance to secure sustainable, bespoke buildings in a market defined by limited availability. The park will cater to the strong demand from businesses looking to capitalise on Heathrow’s connectivity for both London and international operations.”
Panattoni was advised by JLL on the acquisition. Mitsui Fudosan declined to comment.
