Bloom, the urban industrial investor and developer, and TPG Angelo Gordon, TPG's credit and real estate investing platform, have completed a series of lettings across their London portfolio, securing headline rents of up to £47 per square foot in what is thought to be a record rent for UK industrial.
The nine transactions, agreed on lengths from five to 15 years, cover Bloom’s estates in Fulham, Camberwell, Park Royal and Poplar. The deals include new lettings, renewals and regears to occupiers from food production, logistics and creative industries.
At Bloom Fulham, which comprises industrial and business units close to the A4 and Hammersmith, BOTB and Ripe Avocado have signed new leases on units of 7,222 square feet and 3,617 square feet respectively, with both agreed ahead of practical completion. It is thought the rents at Fulham have achieved £47 per square foot.
At Bloom Camberwell, Honest Burgers has leased 16,220 square feet across two newly completed units to accommodate its central production kitchen.
At Bloom Poplar, a refurbished estate adjacent to Canary Wharf, Instinct Spaces has leased 1,392 square feet; Uniform Standard, the premium footwear brand, has taken 4,790 square feet; Potato Art Studio has taken 1,333 square feet; and Colt Technology Services, the digital infrastructure company, has completed a lease regear on 11,388 square feet, extending its occupation to 17 years.
At Bloom Park Royal, Browns Seafood has renewed its lease on 2,532 square feet, and Isembard, which manufactures and repairs high-precision metal and composite parts, has agreed a regear on its 2,198-square-foot unit.
Bloom and TPG Angelo Gordon’s joint venture portfolio comprises seven "ultra-urban" industrial assets across London, in Brixton, Greenwich, Hackney, Fulham, Camberwell, Park Royal and Poplar. The portfolio provides approximately 285,000 square feet of multi-let industrial and business space across TfL Zones 2 and 3. All assets achieve EPC ratings of ‘A’ or ‘A+’, alongside BREEAM certifications from Very Good, Excellent or Outstanding.
Sam McGirr, co-founder and partner of Bloom, said: “These lettings demonstrate the continued strength of demand for high-quality, sustainable industrial space in London’s most connected locations. The diversity of occupiers – from food and tech businesses to creative operators – reflects how our buildings are being used in new ways. Achieving record rents of up to £47 per square foot underlines both the scarcity of this type of space and the value occupiers place on well-designed, well-located accommodation."