Active Hayes

With its proximity to Heathrow, Hayes is a popular location for a wide range of companies. It also has an active market in terms of letting and investment. One of the latest, and largest, potential transactions is the multi let 20,066 sq.metres (216,000 sq.ft.) Hyde Park office development which LaSalle Investment Management has put up for sale through Jones Lang LaSalle for over £26.65 million, a yield of 8%.

Another deal in Hayes is the letting of Highcross‘ 3,319 sq.metres (35,723 sq.ft.) distribution unit at Clayton Road to the logistics company Circle Express through Colliers International in conjunction with BNP Paribas and King Sturge. Joshua Pater of Colliers said: ”We are positive that this represents a sustained increase in demand for flexible warehousing along the Heathrow Corridor.”

Colliers was also involved in the sale of another nearby property, the 4,155 sq.metres (44,724 sq.ft.) warehouse at Hampton Farm Industrial Estate, Middlesex to Dewhurst, a supplier of components to the lift, keypad and rail industries.

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Rents to rise at Heathrow

An increase in rents for industrial and warehouse space for Heathrow and the Western Corridor is predicted by Jones Lang LaSalle for 2011. The agent expects key Grade A sites at Heathrow to rise to £150.64 a sq.metre (£14 a sq.ft.). JLL’s Bridget Outtrim said: “The immediate vicinity of Heathrow’s cargo terminal is an exceptional location where, to date, there has been no premium stock available to set rents but there are two key sites coming through for development which could push up pre let rents.” While food and drink are the key occupiers in the logistics market, JLL notes “recycling and waste disposal businesses have emerged in 2010 and their need for large sites and open storage land, away from residential areas, possibly with railway access, will persist.”

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