Marlin Land - Industrial Development - Heathrow, Marlin Park
Date: 05 May 2005
Property company, Marlin Land, is set to fill a strategic gap in the West London commercial property market with a 90,000 sq freehold development at Heathrow.
The London based property developer has successfully secured the contract to develop Marlin Park - one of only a handful of freehold sites which has been available on the open market close to Heathrow in recent years.
Work is already underway on site to build 14 new industrial/warehouse units ranging from 3,973 sq ft to 11,380 sq ft, with the project due to be completed in January 2006.
The £16 million scheme is being developed in response to continued demand for freehold industrial/warehouse properties and, such is the demand units of this size that one, 15,000 sq ft unit, is already under offer to a self-store operator.
Marlin Park will occupy a 3.5 acre site on Central Way, North Feltham Trading Estate. It is just 500 yards from the perimeter of Heathrow Airport and will offer immediate access to it and the motorway network, and Marlin Land anticipate the development will be of particular interest to occupiers in the airport service sector including catering, freight forwarding and international air cargo.
Stephen Prockter of Marlin Land said: "This is a rare opportunity to offer local occupiers a good supply of well specified new freehold industrial/warehouse property and we anticipate a great deal of demand for them.
"There is a particular shortage of freehold opportunities with such close proximity to Heathrow and we are delighted to be bridging that gap.
"By far the majority of industrial/warehouse property in this area of West London is only available to let, and demand for freehold premises is particularly strong at the moment - a response in part to continued low interest rates which mean that occupiers can afford to borrow and invest in strategic acquisitions such as freehold premises.
"The current rules surrounding Self Invested Personal Pension plans are also playing their part in fuelling this market because of their tax efficient nature and, until April next year, the ability to borrow 75% of the purchase price against them."
Marlin Land beat off competition from over 20 other development companies, including Chancerygate and Slough Estates, to become preferred bidder for the project. The development is on behalf of the Property Income & Growth Fund.
An artist's impression of the completed Marlin Park at North Feltham Trading Estate, Heathrow.
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