Scottish Widows fund announces 100,000 sq ft Basingstoke lettings following 2009 estate acquisition

10 May 2010

A Scottish Widows Investment Property (SWIP) Fund has announced a number of agreed completed leases at Gastons Wood Industrial Estate in recent weeks, vindicating their positive view of the town's economic resilience following the purchase of the property asset during the autumn of 2009.

GO Outdoors, the major outdoor pursuit retailer acquired a new lease on two units on the estate immediately after SWIP's purchase of the estate, breathing new life into the buildings through a major refurbishment and shop fit to attract destination shoppers looking for the widest range of outdoor's recreation and sporting goods, to this convenient location on the A33 Reading Road.  Having embarked on an aggressive nationwide store acquisition programme in 2009, GO Outdoors are now the largest outdoor retailer in the UK and have reported a strong trading performance in recent months.

SWIP have also agreed a new five year lease at a headline rent of £6.75 per sq ft with Edge Health and Beauty on 8,280 sq ft of well specified warehouse and office space at Gastons Wood this month.  Edge Nails are a notable distributor of cosmetic products and also provide training programmes to the cosmetic industry.

The Fund has also unveiled a letting of a further 30,000 sq ft unit to Pilkington Plc on the estate.

Paul Reid of Centurion Asset Investment Management (CIAM) who administers the Estate on behalf of the SWIP Fund commented "We are exceptionally pleased with the successful discussions we have had with GO Outdoors, Edge Nails and Pilkington.  We are certain that a proactive approach has been fundamental at unearthing these transactions and we look forward to working with our occupiers closely over the coming months to strengthen ties and attract new businesses to what is an exceptionally well located property holding".

Nick Olliffe of agent Hollis Hockley said: "The Fund are now inviting Leasehold or Freehold enquiries for Impact House, a 16,000 sq ft warehouse located on the Estate which enjoys a very prominent position on the A33 Reading Road. A rent equating to £7.00 per sq ft is being quoted for the refurbished unit, or alternatively the Freehold is being offered at an asking price of £1.5 million.