Freight forwarder and storage company Expeditors International (UK) is letting 9,031sq m of warehouse space at Polar Park, Heathrow, from Brixton for more than £1M a year, or £10.50 per sq ft. Brixton says the letting is the largest open market transaction in Heathrow since November 2002, when Morgan Stanley UK Group took 22,878sq m on the Heathrow Corporate Park for an increased rental.
The Expeditors deal entails the letting of two adjoining warehouse facilities. The lease is expected to start from November and is for six years with a tenant only break clause at anytime after the end of the fourth year on nine months notice.
Brixton bought the holding in December 2001. It is subject to a leaseback to Penguin Books until this summer at a present rent of £1.65 a year. Detailed planning permission for up to 31,992sq m of new warehousing space was obtained by Brixton in 2003, and it now has the option of re-letting the remaining existing buildings totalling more than 14,880sq m or redeveloping the front of the site totalling about 8.5 acres for up to 18,600sq m of prime warehousing.
The site is situated directly off the A4 Bath Road at the proposed entrance to the third runway, which could be built in 2015.