Palmer Capital acquires strategically-located Harlow distribution centre

Acting on behalf of Palmer Capital, Glenny has acquired a substantial distribution warehouse investment in Harlow, Essex, from developer Mulberry Group. Known as Building H92, the property comprises a 61,806 sq. ft., high bay warehouse facility built in 2012 and is occupied by Glaxo Smithkline Plc. The high-quality facility is situated on the former GSK site at 3rd Avenue, recently sold to Mulberry Group, who also plan to build a new distribution warehouse development known as Connex Park. Rupert Sheldon, head of core REIM at Palmer Capital, said: “The fund has enjoyed sustained capital growth during the post-financial-crisis period but made the tactical switch last year with a renewed focus on long, strong and progressive income streams,” Divisional Partner at Glenny and head of the firm’s Harlow office, Ivan Scott, commented, “This is an excellent strategic purchase for Palmer Capital who are looking to acquire modern, well-let assets. As the Glenny Q3 2017 Databook indicates prime North London rents are reaching £12.00 per sq. ft., and Harlow offers a compelling value alternative. As industrial stock in the South East diminishes, occupiers are being forced to consider other employment destinations; Harlow, which is only 15 miles to the north of London, is the closest major market and can offer stock at a significant discount when compared with other areas closer to the M25 – a benefit identified by current occupier Glaxo Smithkline Plc. The building is of a very high quality and features many of the key attributes that distribution occupiers’ currently need.” Mulberry Group were represented by M1 Agency LLP.