Regeneration specialist U+I has secured three new sites as it seeks to grow its short-term pipeline.
In London, it has completed the off-market acquisition of the Arts Building, a 50,000 sq ft warehouse-style property close to Finsbury Park station.
U+I said it planned to refurbish and convert the warehouse space to offices and that reletting the 22,000 sq ft of space left vacant by the vendor would increase the net initial yield from sub-4% to 8%.
In Ashford, Kent, the group has completed a part-funding deal with Quinn Estates to buy the 12-acre Newtown Works site. Design work is already under way to transform the brownfield site into a mixed-use scheme that is expected to deliver considerable film and studio floorspace, a hotel and public realm. U+I said it expected to see the first development and trading profits from the site in 2020, once planning and initial lettings had been secured.
U+I’s third acquisition is the 2.8-acre White Heather Industrial Estate in Dublin. The estate currently provides an annual income of €555,000 (£490,000), but has development potential. The site, which overlooks Dublin’s Grand Canal, could be rezoned in the next City Plan, which is due to come into effect in September 2022.
U+I chief executive Matthew Weiner said: “We continue to focus on high-quality trading schemes that support short-term profits in our core London city region, Manchester and Dublin.”
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