Robert Hitchins' signing parcel delivery giant Evri at a 82,000-square-foot bespoke industrial unit in Bridgend that sent new rental levels in the area has won a CoStar Impact Award.
Winning the Lease of the Year for Wales, the Central Park shed has already created more than 500 jobs, creating a significant economic and infrastructural boost for this part of the country.
Local agents say the letting, recognised by an independent panel of industry professionals working in the market, has not only strengthened Bridgend’s economy, but positions the area to attract further investment in a market "constrained by rising development costs".
Acting as a parcel processing facility for Evri's 24-hour delivery operation, the dock levelled facility with a larger-than-standard yard area also helped to address a critical shortage of Grade A industrial accommodation in the south of the country.
About the project:
Developer Robert Hitchins started investing at Central Park in 2006, demonstrating its long-term confidence in the region.
John Jones, senior asset and development manager at Robert Hitchins, says the local area has recorded a number of prelets in the area over the past 12 months, which have generally been rare.
He says his firm has been able to offer attractive packages to occupiers to secure long term lettings due to the lack of Grade A logistics accommodation, starting with a 20,000-squre-foot letting to builders' merchant MKM.
What the judges said:
Huw Thomas, director at Huw Thomas Commercial Property Consultancy, said: "Bridgend has a rich history in industrial heritage but has suffered declining demand and closures in recent decades.
"The costs of providing a new institutional building of the size and specification required will have presented significant challenges to the developer in terms of viability and industrial yields."
John James, director at Fletcher Morgan, added: "This letting has resulted in job creation, will help to address a lack of Grade A stock of this nature in South Wales. It has set new rental levels and demonstrated that a development of this nature can be successful west of the M4 Brynglas tunnels."
They made it happen:
John Jones, senior asset and development manager, and Henry Squier, asset manager, at Robert Hitchins; Neil Francis, partner in the logistics, industrial and development team at Knight Frank; Rhys Price, associate at Knight Frank; Emily Wilson-Davies, surveyor in the industrial and logistics team at Knight Frank; Peter Musgrove, executive director and head of South West and Wales at Lambert Smith Hampton; and Ewan Kilgour, head of commercial property at Davies and Partners.
