Leicester warehouse let for parts distribution

By Liza Helps Property Editor Logistics Matters

INDUSTRIAL AND logistics investor, developer, and asset manager, Griffen has secured the letting on the first of its four unit 900,000 ft2 scheme known as Griffen Park in Desford, Leicestershire.

Unit 1 boasts a 117,018 ft2 warehouse space with two storey office  of 8,826 ft2. It has 12.5m eaves, eight dock and four  level access doors as well as 16 HGV and 144 car parking spaces. It has been built to target a BREEAM Excellent and EPC A rating, with features including rooftop PV panels and the use of recyclable materials throughout. 

The property is the first to be delivered by Griffen’s in house development platform as part of the Griffen Park masterplan, which also includes a 103,000 ft2 unit due to reach practical completion this month. There is planning for two further units of 170 and 510,000 ft2.

Griffen Park is adjacent to Griffen’s Desford Campus, which comprises three logistics warehouses totalling 1,651,229 ft2 currently available on flexible short term leases prior to redevelopment.

Griffen acquired the Desford Campus site plus the 46-acre development plot via a sale and leaseback in May 2020. It paid £55 million with 3PL Neovia taking a five year lease at £10 million. The property has been operated as a campus by Neovia since 1987.

Griffen Chief Investment Officer Bruce Bailey, said: “Our high conviction in state-of-the-art, sustainable warehouse product that is suitable for a diverse range of tenants, has been validated by this major letting of a speculative unit and the headline rent achieved. As transport costs rise and consumer behaviour evolves, and businesses accelerate their own green agendas, only the most ESG compliant space, with a plentiful labour supply and excellent arterial connectivity, will be relevant for tomorrow’s occupier.”

Griffen was advised by C&W, JLL and DHP & Trowers and Hamlins.