Acting on behalf of Standard Life Investments, Haslams and Lambert Smith Hampton (LSH) have completed a 207,000 sq ft industrial pre-let at Suttons Business Park, Reading. The deal marks the largest of its type ever in Reading.
Landlord Standard Life Investments is to develop a brand new 207,000 sq ft storage and distribution warehouse for Brakes Group, a leading supplier to the foodservice sector in the UK, Ireland, France and Sweden. A 25 year lease has been signed.
The chilled warehouse will be built on the site made available by the demolition of the old Suttons Seeds building, more recently the home of Jacobs engineering.
Harriet Rodgers, spokeswoman for Brakes, said: “The new building will be a state-of-the-art storage and multi-temperature delivery hub. Approximately 500 people will be employed at the new depot, with the majority of the team working in the warehouse or delivering to customers.”
Neil Seager at Haslams added: “Brakes’ acquisition of this new facility is an important transaction, both for Reading and the wider Thames Valley industrial market. Not only does it mark the largest deal of its type, but it sees the arrival of a major new occupier to the town.”
Planning for the new scheme was recently granted, and development commenced on 22 August 2011. Completion is anticipated for the end of March 2012.
Philip Hunter, Associate Director in LSH’s Reading office, commented: “This deal alone equates to more than 60% of the total industrial space transacted in Reading during the whole of last year. Securing the deal on a pre-let basis is an indication of the lack of available units above 200,000 sq ft in the Thames Valley, and indeed nationally. For large industrial occupiers, this shortage poses a very real challenge when it comes to acquiring new premises.”
Haslams acted jointly with LSH, and Brakes Group was represented by Gerald Eve.
BSc (Hons) MRICS