January 11, 2006
NAI FullerPeiser and NAI Hunneman Broker $57 Million Sale of 10.25-Acre Gillette Manufacturing Facility in London
BOSTON— NAI Hunneman Commercial, a leading provider of commercial real estate services to corporations, institutions and the private market, along with it’s London-based affiliate, NAI Fuller Peiser, announced that it has brokered the $57 million sale of Gillette Corner, a 550,000-square-foot, 10.25-acre manufacturing facility in West London, England.
Peter Benke, executive vice president, and Joe Flynn, vice president at NAI Hunneman Commercial and the NAI FullerPeiser team represented the seller, the Gillette Company, in this transaction. They also procured the buyer, Bonnington Investments and Developments Ltd., a London-based hotel company and real estate developer.
Prominently located in West London, England, Gillette Corner is manufacturing complex that is comprised of a main building along with several other smaller facilities built over the years to create a 10.25-acre manufacturing complex. The landmark development site has direct access to central London, the major highway network and Heathrow International Airport
“This trophy site received a tremendous amount of interest. The disposition team was able to clearly define the development potential of the site which aided bidders in confidently presenting unconditional offers,” said Mr. Benke. “By doing our homework, we were able to ultimately exceed Gillette’s price expectation by a substantial amount.”
“Since 2002, we have worked closely with Gillette to assist them with their disposition needs around the world through our NAI platform,” said Mr. Flynn.
Earlier this year, NAI Hunneman and its affiliate, NAI India, completed the sale of the Duracell India Plant, a 137,000-sqaure-foot manufacturing facility in New Delhi, India. NAI Hunneman has brokered several other sales on behalf of Gillette in Puerto Rico, Dominican Republic, Turkey, Malaysia and Spain. Gillette was acquired by The Procter & Gamble Company in January of 2005.
Gillette will lease back Gillette Corner through 2007 at which point Bonnington Investments and Developments will implement their plans to redevelop the site into a new, large-scale mixed-use scheme. They have retained world-renowned architect Hellmuth, Obata + Kassabaum, Inc. (HOK), a global provider of design and project delivery services, to realize their vision.
Built in 1936 as a then state-of-the-art manufacturing facility, Gillette Corner was opened by the Lord Mayor of London in 1937. During World War II, pilots used the factory’s prominent central clock tower as a beacon.
Headquartered in Boston, Mass., The Gillette Company is the world leader in male grooming, a category that includes blades, razors and shaving preparations. Gillette, which was acquired by The Procter & Gamble Company in January of this year, also holds the number one position worldwide in selected female grooming products, such as wet shaving products and hair depilation devices. In addition, the Company is the world leader in alkaline batteries and is recognized for its Oral-B in manual and power toothbrushes. The Company employs nearly 30,000 people globally and operates 31 manufacturing plants in 14 countries.
