Buccleuch Property has sold its Quadron development in Dartford to Aberdeen Standard Investments for £12.1m. The 41,500 sq ft buildings, located at the Bridge in Dartford, were fully pre-let during construction to Network Rail.
The project was undertaken in joint venture with Wrenbridge Land, the Cambridge based property company, with the whole development from planning submission to building completion and subsequent sale being achieved in just 17 months from the unconditional purchase of the site.
The Grade A building occupies a prime location on The Bridge in Dartford – a 1.8m sq ft mixed use development – and recently won the award for “Best Development Under 75,000 sq ft” at the Industrial Agents’ Society 2019 awards.
Neil Finnie, Director at Buccleuch Property, said:
“We are delighted to be able to welcome Network Rail to our Quadron development. We were convinced that the strength of the location coupled with the high quality design of the buildings would ensure there was strong demand for the property during the construction phase”.
Jeff Wilson, Director at Wrenbridge Land, said:
“The pre-let to Network Rail and subsequent sale to Aberdeen Standard Investments demonstrate the robust nature of the prime south east warehouse market from both an occupational and investment perspective. Wrenbridge and Buccleuch remain committed to delivering more speculative warehouse development in the very best locations”.
Louise Greenan, Deputy Fund Manager at Aberdeen Standard Investments, said:
“We are extremely pleased to complete the purchase of this Greater London prime industrial development which will be used by Network Rail as a Regional Distribution centre for the south east.”
Stonehill Partners acted for Buccleuch and Wrenbridge in the sale with CBRE acting for Aberdeen Standard Investments.