Pre Let of 208,000 sq.ft Distribution Centre to Brakes Bros on behalf of Standard Life

The Task

We have an on-going agency instruction at the 53 acre Suttons Business Park, Reading. Unit 24 a 140,000 sq.ft 1950’s property had recently been vacated and the owners Standard Life needed advise on the options for the property.

We were aware of Brakes Bros requirement for a cross docked temperature controlled distribution centre in the Thames Valley and proceeded to secure the pre let. The site forming Unit 24 was too small so further land on the Park had to be included within the site. Haslams negotiated leasehold terms with Brakes Bros on the basis of delivering the development by Spring 2012. We provided commercial advice together with Standard Life’s other development consultants throughout the legal process.

The Outcome

Delivery of the new cross docked temperature controlled distribution unit within the required timescale and on terms which provided Standard Life with an attractive investment.

We leased the property pre construction on behalf of Standard Life Investments in late summer 2011. It remains Reading’s largest ever warehouse pre-let, and with the Tesco Distribution Centre development at Junction 11, has put Reading on the map as serious location for logistics. Previously Reading had been dismissed mainly to due to the value of land for other uses such offices.

Neil Seager, partner at Haslams commented “It is great to see the development completed. I suspect it will not be the last of this type in Reading now there is confidence in the location for “big box” distribution. The growth in Internet use to purchase goods and the desire for customers to ‘click & collect’ is likely to drive further demand for large warehouse space including in affluent locations such as Berkshire.”


Neil Seager

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nseager

BSc (Hons) MRICS

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