Vengrove

It was great to welcome agents from the North West and the Midlands to our industrial scheme at 200 Scotia Road, Stoke-on-Trent last week. Attendees were treated to blue skies and locally distilled gin on their tour of the estate, which was comprehensively refurbished by Vengrove last year.   There are only two remaining units available. Unit A and B are both 42k sq ft and are available separately or combined. Please contact our joint agents, Becky Thomas and Richard Mounsey at Mounsey Chartered Surveyors and Mike Burr and Andrew Groves at Harris Lamb for more details.

Vengrove has completed the acquisition of a two unit mid-box scheme in Swindon. The asset was acquired from a private seller and is located on Viscount Way, part of South Marston Industrial Estate, Swindon’s main distribution and logistics area.   Combined, the units total 63,000 sq ft and are highly specified, having been developed in phases in 2005 and 2017, with 10 metre eaves and both dock and level access doors to each unit.   The units are leased to two tenants, including the fashion retailer Jigsaw, which utilises one of the units as its national distribution centre.   The asset was acquired as part of Vengrove’s existing UK industrial and logistics joint venture with Corebridge Financial.   Will Hunting, Partner & Head of Acquisitions at Vengrove, commented “Viscount Way is an excellent addition to our portfolio. It fits the JV’s strategy well, with a relatively short, reversionary income profile, combined with quality, highly-specified buildings in a well-regarded location. We look forward to commencing with the asset management business plan.”   Vengrove was represented by Clay Street, Greenberg Traurig, LLP, Air Building Consultancy and Nova Ambiente (part of Nova Group, GBC).

Since inception in 2013 we have had three websites and every one of them felt like progress and a step forward. Our new one which has launched today is no different! A new website is a great way to remind ourselves and showcase to our LinkedIn audience how much we have continued to evolve, since our last website refresh. During the last five years we have systematically transitioned from a UK value-add generalist to a pan-European specialist that invests in bespoke operationally intensive real estate strategies through direct equity and owner-operator platform creation. Our thematic approach to real estate investing has led to a current focus on pan-European industrial & logistics, UK life sciences and UK living. As well as our investment management activities we also provide a complementary advisory service offering owner occupiers, not-for-profit organisations and select investor clients access to the same real estate service capability we provide to our own investments and developments. With an investor’s mindset, we provide valuable insights to those without in-house capabilities, helping them realise the real estate opportunities available to them. Please take a look! A big thank you to vovi® who designed the website for us. www.vengrove.com

Vengrove, alongside its partner Jingdong Property (JDP), has completed the purchase of Pazifik 61, Wilhelmshaven from Nuveen Real Estate.   The asset was developed in 2019 and comprises a Grade A, highly specified logistics unit of 47,105 sqm (507,000 sq ft). It is located at Wilhelmshaven’s JadeWeserPort, Germany’s only deep sea port, which offers trimodal connectivity to wider Continental Europe. It is fully leased to Volkswagen until December 2025 and was acquired for a price in excess of €30m.   The JadeWeserPort is an increasingly important hub for trade between Europe and Asia, with Zhejiang Seaport Logistics Group recently announcing a new direct route between Wilhelmshaven and Ningbo, the world’s largest port. Korbinian Kirchner, Partner & Head of Germany at Vengrove, commented “This was a rare opportunity to acquire a modern, Grade A asset with strong ESG credentials in a strategic location, offering attractive reversionary potential and a good example of leveraging our in-country origination capability. The next job is to use our asset management capabilities to enable us to significantly improve the income profile and add significant value to the asset.”   Will Hunting, Partner & Head of Acquisitions, further commented “This deal continues our investment momentum in Germany and is another building block in our pan-European expansion plans. We’re excited to be working with our partners at JDP and look forward to getting stuck into the asset management.”

The Vengrove team has just returned from spending a few days in Courmayeur, an Alpine resort at the foot of Mont Blanc, enjoying both the skiing and the après-ski. The weather was great to us with blue skies and fantastic powder and the slopes provided something for everyone regardless of experience.  All in all it was a great trip!

We are thrilled to announce two promotions within the Vengrove team. Miranda Hammond has been promoted to Development Director and Temi O. to Associate in the portfolio management team. Both Miranda and Temi continue to be valued members of the team and these promotions are a refection of their ongoing efforts, growth and impact within the business. Congratulations to both Miranda and Temi! 

Vengrove are pleased to share that the leasing of Unit 6 Westpoint Enterprise Park has completed. The unit is newly refurbished in a prime location in Trafford Park and we are delighted to welcome Lucchini Unipart Rail Ltd to our portfolio.   Thanks to our team of advisors, Henry Farr MRICS and Paul Cook at CBRE as well as Jack Weatherilt and Rob Kos at DTRE LLP, and to Natasha K. at Greenberg Traurig, LLP.

Beyond Aparthotels are delighted to announce that planning permission has been unanimously approved by the London Borough of Camden to convert Kingsway House, Holborn from an office to Aparthotel for GMS Estates Limited to be operated under the Beyond Aparthotel brand. The approved plans prepared by Studio Moren include replacing the current 7th floor and adding an additional 8th floor. The reimagined structure will accommodate 58 generous Aparthotel suites. The building will house a ground-floor F&B space, a reception with cafe/store open to both guests and the public, and a basement gym. The scheme maximises its prime location with excellent public transport connections, being close to Holborn and Covent Garden and proximity to key business, retail, and tourist hubs.   Sustainability is at the heart of the design. Working alongside Hilson Moran (MEP) and Elliott Wood (SE), the project prioritises the retention of primary structural elements to conserve embodied carbon whilst introducing sustainable method for energy efficiency. The historic façades will also be carefully restored, respecting their architectural significance while aligning with modern environmental standards. Beyond's rooms incorporate low impact, circular and natural materials, with a strong focus on low toxicity products used throughout the FF&E and operational practices with-in the day-to-day environment of all spaces.   Paul Wells, Partner at Studio Moren, said: “This approval marks a significant milestone in the recognition of the necessity for the adaptive reuse of historic office buildings that are no longer fit for purpose in this part of Camden, breathing new life into these unused spaces and offering them a viable and sustainable future.” James Fry, CEO of Beyond Aparthotels, said: “We are looking forward to working with the fantastic project team to re-purpose Kingsway House into a modern, future-proof Aparthotel that will bring new life to the streetscape and provide generous, low-toxicity and low-impact spaces for guests to stay, in the heart of central London,”   The scheme is set to move into the development stage, with completion anticipated in late 2026. #StayNeutral #StayWell #StayZero  

Vengrove is delighted to announce a major new investment partnership with Norwich Research Park, to construct new laboratory and office accommodation at the internationally renowned research park, a top-tier global research and innovation campus.   Norwich Research Park hosts a community of more than 30,000 members. Underpinning this thriving ecosystem are six internationally renowned institutions, all within close proximity, creating an unparalleled environment for collaboration and innovation.   Within walking distance are the Earlham Institute, John Innes Centre, Quadram Institute and The Sainsbury Laboratory, four of the UK's most prestigious bioscience research institutes.   Also on campus is the University of East Anglia (UEA), a UK top 20 university hailed for delivering high quality, high impact research, and the Norfolk and Norwich University Hospitals NHS Foundation Trust, a teaching hospital undertaking high value research that seeks to improve patient care and outcomes worldwide.   With a clear ambition to connect industry, start-ups and high-growth companies with Norwich Research Park's world-class research expertise and facilities, the partnership is set to secure the research park’s position as the premier location for research and innovation, both in the UK and on the international stage.   Professor Anne Ferguson-Smith, BBSRC Executive Chair, said: “As well as marking a crucial phase in Norwich Research Park’s ambitious growth plans, this exciting new partnership represents a significant milestone for BBSRC in bolstering the UK’s bioscience research and innovation capabilities. This deal underscores the vital contributions of our strategically supported institutes and research and innovation campuses to the UK's economic growth through bioscience innovation.” Roz Bird Bird, CEO of Anglia Innovation Partnership LLP Partnership, said: “This is a really significant milestone for the research campus. It will enable us to activate existing planning consent and supply new, flexible laboratory and office accommodation to meet market demand. With the park full of exciting high-growth companies, the time is right to create new accommodation that will be needed to meet the demands of growing companies and help attract and retain companies that want to benefit from being located at Norwich Research Park. With national asset status in engineering biology, and now with access to the necessary real estate investment, Norwich Research Park’s growth trajectory is ensured.”

Vengrove hosted a memorable launch event for our Avalon Point industrial scheme last week, welcoming local and national agents to tour our most recent development.   The units, at Erdington Industrial Park in Birmingham, offer 42k and 58k sq ft of best-in-class warehousing, with a specification that includes 10m eaves, BREEAM ‘Excellent’, 44m secure yards and PV panels.   The units are immediately available separately or combined. Please contact our joint agents Chris Keye, James Darby at Darby Keye Property and Neil Slade, Matthew Tilt and Thomas Morley at Harris Lamb for further details or leasing enquiries.