Partner Article

Kier Property and DTZ's industrial Union

A £28m joint venture between Kier Property and DTZ IM has been signed, which will begin with the development of 60,000sq ft at Trade City Western International Park in Hayes and 120,000sq ft at Trade City Cowley Mill Road, Uxbridge.

The project at Hayes will transform the old Western International Market’s site into nine high quality industrial units. Construction work will start in February 2013 with occupation expected in the summer.

At Uxbridge the joint venture will build upon the successful development of phase one in 2012 where 70,000sq ft has been developed. Of the thirteen units developed only two remain available.

The announcement comes as part of Kier Property’s approach of developing industrial units in strategic locations throughout the south-east under its ‘Trade City’ banner, in support of known occupier demand.

Kier Property managing director, Nigel Turner, said: “With our increasing development platform we are continuing to select development sites which are attractive to occupiers who are looking for high quality units with good transport links. This joint venture puts us in a good position to respond to strong demand and expand the Trade City brand to actively pursue further sites. We are pleased to be forming this joint venture with DTZ IM, our skills will complement each company’s business objectives and respond to market demand where few competitors are able to fund this type of product.”

Kevin O’Connor, Fund Director at DTZ IM commented: “Our involvement in this joint venture is in line with the fund’s strategy to increase exposure to multi-let industrial estates in Greater London and the south-east. We look forward to working with Kier Property on this exciting opportunity that provides DTZ IM with access to a sector where acquiring built stock is competitive. The schemes will capture the prevailing demand for well located, small to medium sized units that remains strong in dominant locations such as Hayes and Uxbridge.”

Over one million square feet has already been developed under the Trade City initiative, which focuses on delivering flexible industrial solutions for occupiers in prime locations.

Strutt & Parker and DTZ advised Kier and DTZ IM respectively.

This was posted in Bdaily's Members' News section by Rachael Hunter .