Panattoni bags Ocado for 346,000 sq ft logistics facility
Panattoni has signed a lease with online grocer Ocado Retail for a 346,132 sq ft, speculatively developed customer fulfilment centre in Luton.
Ocado Retail, a joint venture between Marks & Spencer Group and Ocado Group, has signed a 20-year lease at Panattoni Luton 346.
James Watson, development director for Panattoni, said: “[Ocado’s] acquisition of Luton will support their wider plans and assist Ocado in satisfying their customer’s growing demand for online groceries.
Panattoni has signed a lease with online grocer Ocado Retail for a 346,132 sq ft, speculatively developed customer fulfilment centre in Luton.
Ocado Retail, a joint venture between Marks & Spencer Group and Ocado Group, has signed a 20-year lease at Panattoni Luton 346.
James Watson, development director for Panattoni, said: “[Ocado’s] acquisition of Luton will support their wider plans and assist Ocado in satisfying their customer’s growing demand for online groceries.
“The completion of this lease on a building of this scale also demonstrates the demand for high-quality available warehouse accommodation in the UK, reinforcing the importance of our speculative development programme. ”
Michael Finnegan, senior real estate development manager for Ocado, said: ‘The leasing of this customer fulfilment centre marks the latest step in delivering Ocado Retail Limited’s ambitious national expansion plans.”
The letting to Ocado completes the leasing of the wider park at Luton. The first facility at the park, measuring 69,000 sq ft, has been let to Deta Electrical on a 15-year lease.
Savills, M1 Agency and Adroit Real Estate are Panattoni’s letting agents. Gerald Eve advised Ocado.
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