Belvue House
Belvue Roadd

The acquisition of Northolt was not BHP’s finest hour.

Based upon very favourable agency advice, BHP acquired the asset with a clear business plan of significantly undercutting the West London industrial market.

Despite the favourable advice, the lack of user acceptance of a two storey distribution facility was underestimated by both BHP and its advisors.

Whilst the business plan of undercutting the local market was efficiently implemented the property was ultimately leased at less than the envisaged market rent. Whilst it was successfully sold to a UK institution its financial performance resulted in a loss: a very rare occurrence in BHP’s track record.


  • Greater London Industrial asset
  • Close proximity to A40
  • Low entry price psf


  • To improve the value through refurbishment
  • To under cut the local West London industrial market with a significantly cheaper product


  • Two storey
  • Significant CAPEX required to re-present to the market
  • Undefined repairing obligations in respect of the canal wall to the rear of the property


  • Two storey facility
  • Potential repairing liability in respect of the canal wall
  • Planning risk in broadening the permitted user from B8 to include B1(c) and B2 uses