Last mile estate sells for £38 million

Fairfield Trade Park, which has a total floor area of 75,376 sq ft, was sold by DTZI on behalf of the Plumbing Pension Fund to the JV managed by Mirastar, the leading pan-European developer, investor, and manager of logistics & industrial real estate assets.

The property, which contains six units, is currently fully let to tenants including Royal Mail, Howdens, and Magnet, with two c.13,000 units becoming vacant in Q1-Q2 2022, which Mirastar plans to refurbish and bring to the market.

Sarah O’Brien, Director, DTZ Investors, said: “This disposal secures an excellent return for the Plumbing Pension Fund, having held the asset for nine years. Demand has soared for small-mid box, last mile distribution and trade counter units within the M25, with access to major trunk roads and affluent conurbations. We wish Mirastar every success with the estate.”

Driven by London’s population growth and the continuing consumer behavioural shift towards e-commerce, the UK logistics & industrial market has witnessed burgeoning investor and occupier demand in recent years, buoyed further by the Covid-19 pandemic. Cushman & Wakefield research shows 2021 was a record year for the sector, with £17 billion invested and over 70 million sq ft of occupier take up.