db symmetry secures Co-op shed letting
The Co-op Food Group has signed an agreement with logistics developer db symmetry to take up a new 661,000 sq ft regional distribution centre at Symmetry Park in Biggleswade.
The building has been secured on the basis of a new 20-year lease at a rent of £7.10 per sq ft, creating around 1,200 new jobs as well as investment value in excess of £90m.
The Co-op Food Group has signed an agreement with logistics developer db symmetry to take up a new 661,000 sq ft regional distribution centre at Symmetry Park in Biggleswade.
The building has been secured on the basis of a new 20-year lease at a rent of £7.10 per sq ft, creating around 1,200 new jobs as well as investment value in excess of £90m.
Symmetry Park, which extends to around 50 acres, was purchased by db symmetry last year and has been granted planning consent for up to 1m sq ft of logistics space. Construction will begin towards the end of 2019.
The new depot, to be located just off the A1, will support the retailer’s ambitions for continued growth in London, the South and the South East.
The Co-op expects to invest upwards of £45m in fitting out the building.
Jo Whitfield, retail chief executive of the Co-op, said: “The new site will future-proof our operations and extend capacity across our logistics network. This will enable existing stores to better serve communities.”
Andy Perry, supply chain and logistics director at the Co-op, added: “The new site will form part of an integrated review and rebalancing of volumes across our network – it will provide greater scale while future-proofing our operations.
“The move will reduce road miles and overall supply chain costs. It supports our stores in the South by having more of our products closer to our members and customers and the communities in which they live and work.”
Colliers and Brown & Lee acted for db symmetry; the Co-op was advised by Matthews & Goodman.
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