Developed by New Age, the warehouse includes 5,000 sf of office space. It is New Age's first speculative property venture. Alder King advised MacFarland. Joint letting agents Knight Frank and DTZ Debenham Tie Leung acted on behalf of developers New Age Properties in securing the deal and terms, which were agreed prior to completion.
The letting centres on a 25 year lease with a 15-year break with five yearly rent reviews, full repairing and insuring basis and a headline rent of £5.10 ($7.40) per sf plus a rent free period or cashback.
Knight Frank's Rick Davies said the pre-let indicated a strong demand for quality, user-friendly space for distribution and manufacturing clients who also needed accompanying offices of some size. 'This deal has been an excellent result for both landlord and tenant and proves that if a quality building is constructed in the right location then there will always be strong demand,' he said.
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