ARGO Real Estate has acquired two urban multi-let industrial estates from a UK institution for circa £28m as part of its brown-to-green urban logistics strategy with Blue Coast Capital.
The circa 92,000 sq ft Northumberland Court in Chelmsford (pictured) comprises nine units ranging from 4,500 sq ft to 26,000 sq ft and the circa 37,000 sq ft Cowley Business Centre in Oxford comprises three units ranging from 7,000 sq ft to 21,000 sq ft.
The assets provide significant scope to be repositioned through ARGO’s brown‑to‑green strategy, creating high quality sustainable accommodation in urban areas.
James Brown, investment manager at ARGO Real Estate, said: “The acquisitions in Oxford and Chelmsford present an attractive opportunity to acquire high quality, multi‑let, urban industrial space in supply constrained locations. Through hands-on asset management and our brown‑to‑green strategy, we see meaningful opportunities to enhance sustainability credentials and occupier appeal, driving both rental and capital growth.”
Crispin Gandy, CEO of ARGO Real Estate, added: “This is another step forward in our plans to create a best‑in‑class urban multi‑let industrial platform. The acquisitions in Oxford and Chelmsford exemplify our ability to secure well‑located assets where our brown‑to‑green repositioning strategy can deliver modern, sustainable accommodation, while unlocking long‑term value.”
ARGO was advised by Tuatara Real Estate.
