In June 2005, the Fund acquired this 85,000 sq ft industrial warehouse which at the time was let to TNT Logistics (subsequently acquired by Ceva Logistics) on a 35 lease expiring on 28 September 2016. At lease expiry the Fund carried out two short term lease renewals with Ceva Logistics until 2020 and 2022 respectively. Ceva decided to vacate at expiry in 2022, which gave the Fund an opportunity to carry out a significant refurbishment to bring the property up to an ‘operational net zero’ standard.
Measures implemented as part of the net zero strategy have been included below. These measures resulted in the building achieving a Building Research Establishment Environmental Assessment Method (BREEAM) rating of ‘Excellent’ and an EPC rating of A+.
- PV panels;
- New LED lighting throughout
- PIR and daylight sensors
- Rainwater harvesting
- Air source heat pump
- Mechanical ventilation with heat recovery
- Cycle shelters, showers and changing facilities
- EV charging points
- Bird and bat boxes
- Inclusion of water reducing products (i.e. low flush appliances)
Following completion of this net zero refurbishment, the Fund completed a new lease at the property to F&F Stores Limited for a term of five years at a rent of £699,250 per annum (an increase of 34% on the rent previously paid by Ceva). The Tenant has committed to operating the property on a net zero basis. Excepting the refurbishment period, this asset has provided unbroken income since acquisition seventeen years ago.
