Colworth Park, Bedford

  • Acquisition of Unilever’s Food & Beverage HQ for £47m took place. Palmer Capital were the 3rd highest bidder, but there was expressed desire from Unilever (then the 50% part owner) to secure the best landlord in Palmer Capital and Wrenbridge (the operating partner).
  • At purchase, Palmer Capital agreed a re-gear of Unilever’s lease from 12 years to a 20 year term with 2% pa uplifts, but in return took back surplus office space.
  • An intensive asset management and partial refurbishment strategy to lease to other R&D related businesses, reducing operating costs, improving overall park amenity.
  • The additional 900 acres of surrounding farmland owned by Unilever is currently being promoted for a 4,500 unit new town.