Taurus Developments, in partnership with LaSalle Investment Management, has completed two lettings at Genesis, Basildon, meaning the speculatively built development is now 64% occupied by floor area.
First tenant on site, Shield Fire, Safety and Security Limited has taken a 10-year lease on 35,236 sq ft at Unit 3, the largest unit on the development. Internationally renowned Shield Fire, Safety & Security specialises in fire protection, infrastructure and building services solutions.
The second letting saw Walker Precision Engineering taking a 15-year lease on Unit 2. Following exchange in the Autumn, Taurus undertook extensive works to facilitate Walker’s fit out on the 24,789 sq ft unit and the deal completed at the end of the year, ready for immediate occupation.
The final two units, Unit 1 and Unit 4, which extend to 13,423 sq ft and 20,389 sq ft respectively are still available.
Genesis is the only new Grade A industrial / warehouse development in Basildon, comprising of four medium size units totalling 93,838 sq ft. It is also unique in the marketplace as all the buildings are detached with self-contained, secure yards.
The Endeavour Drive site was originally acquired from Homes England and comprises 4.81 acres (net) set within the established industrial and distribution location of Cranes Farm Industrial area, adjacent to the A127 London – Southend link.
The site was acquired two years ago following receipt of detailed planning consent and practical completion was reached in January 2018.
Commenting on the recent lettings, Michael Gibbens, Managing Director of Taurus Developments, said:
“We are delighted to welcome Shield Fire, Safety and Security and Walker Precision Engineering to Genesis. These lettings, which achieved record rents in the Basildon market, justified our decision to both press ahead with the speculative development of the scheme and to build detached self-contained units.
“At present, the market is very under-supplied and our decision to bring forward the development of Genesis came as a response to this increasing issue. Interest in the remaining space is strong and we hope to have occupiers secured for remaining space shortly.”
Joint Agents are Knight Frank and Glenny.