Colworth Park, Bedford

The Asset at a Glance

Investment Theme
Corporate Partnerships
Purchase Date
June 2014
Purchase Price
£47m
Fund
Palmer Capital Development Fund III
Features
  • Despite being the 3rd highest bidder, Unilever (then the 50% part owner) expressed a desire to have Fiera Real Estate (landlord) and Wrenbridge (the operating partner)
  • At purchase, agreed a re-gear of Unilever’s lease from 12 years to a 20 year term with 2% pa uplifts
  • The site comprises 91 acres totalling 352,171 sq. ft. commercial space (R&D, office, warehouse and site support)
  • 90% let to Unilever UK
Purchase Rationale
  • Long strong progressive income
  • Annual fixed rental uplifts
  • 90% income secured against Unilever covenant
  • Underpinned by strong alternative use value
Location
  • Colworth Park, Sharnbrook, Bedford MK44 1LQ