SWIP and Centurion complete major Heathrow industrial lettings

The SWIP Property Trust (SWIPPT) and Centurion Properties, the asset and development manager, have let their Lakeside Industrial Estate near Heathrow Airport in one of the largest letting transactions in the area for the last 10 years.

The four units at the estate in Colnbrook, which total 171,446 square foot (almost 16,000 m2), have been let to DX Network Services and Tourvest Duty Free (UK).

DX has taken 135,880 sq ft on a 10-year lease without a break at a rent of £9.32 per sq ft. Tourvest has taken 35,566 sq ft on a nine-year lease, with options to break after the 2nd and 5th years, at a rent of £8.57 per ft.

The total rent roll from the two lettings is £1.6 mln (€1.8 mln) a year, equivalent to £9.16 per sq ft.

Julian Rooth, chief executive of Centurion Properties, said: 'This letting is one of the largest transactions at Heathrow for many years. What sets it apart from most transactions in the Heathrow market however is the 10-year uninterrupted income stream from a global company, delivering significant out-performance relative to benchmark returns and added value to the SWIP Property Trust.'

Altus Edwin Hill, Aspect Property Consultants and Dowley Turner Real Estate acted for SWIP Property Trust and Centurion. The Property Department represented DX International and Tourvest was unrepresented.