Verdion eyes Midbox warehouse market
Pan-European logistics real estate developer investor Verdion is looking to secure urban warehousing opportunities in the UK following the appointment an urban/Mid-box specialist as development director UK.
By Liza Helps Property Editor Logistics Matters
VERDION HAS appointed ex Chancerygate development director Mark Garrity to its team as Development Director UK where he will support the business in its next stage of UK growth focussing on logistics development opportunities close to major urban populations underpinned by strong ESG credentials.
Garrity said: “There is a significant growth potential in the UK’s regional urban logistics markets, especially where challenges around delivery may be holding back optimum use of brownfield sites. I’m looking forward to initiating and managing a new pipeline from the outset, leveraging Verdion’s wide experience of similar strategies in other European markets and working with the stand-out technical team behind the very successful iPort hub.”
Garrity joins the business from Chancerygate, where he was responsible for delivering new facilities across the Midlands and expanding the firm’s regional presence including The Forge Industrial Park in Minworth, Holbrook Park in Coventry and Genesis in Leicester.
Verdion Executive Director John Clements, said: “This is the right time for further UK investment, drawing on our team’s strong commercial and technical capability for asset-level value creation close to urban centres where the supply-demand imbalance continues to offer opportunities for future growth. Mark is a great fit for our expanding team and we are delighted to welcome him to the business.”
Research by Mid-box developer and investor Potter Space and Savills last year noted that ‘sub-100,000 ft2 properties represent 95% of the whole industrial and logistics property market in England – and account for more than half (56%) of the sector’s entire floorspace’.
It also reported that availability of mid-box floorspace has been tracking downwards over the last decade and is now at just 5% – the lowest on record and that rental growth is almost two times higher than the rate of inflation. Clearing demonstrating that supply has not kept up with demand.
It is not surprising therefore that investors and developer are seeking to enter the Midbox market. It has just been reported that specialist investment firm Leftfield has bought two vacant speculatively built mid-box warehouses in Bradford.
The units totaling 94,674 ft2 on Thornbury Industrial Park were bought from property developer Marshall CDP. Unit A comprises a 39,435 ft2 warehouse with 2,667 ft2 ground and first floor office accommodation whilst Unit C, housed on a 3.62 acre area, comprises a 49,357 ft2 warehouse with 3,215 ft2 of office space to the ground and first floors. CBRE acted on behalf of Leftfield and Carter Towler advised Marshall CDP.
Both Grade A speculatively built units, completed in July this year, are vacant and available for immediate occupation.
Leftfield CEO Nico Fourie, said: “Demand for well located, high specification properties remains high in this underserved sector.”
The units are available to let via CBRE, Carter Towler and JLL.
