LONDON-Warrington based despatch group Target Express Parcels is continuingits aggressive acquisition policy with two recent deals totalling over300,000 sf. The company has just agreed terms at the Triangle, closeto junction two of the M6 in Coventry, for 297,197 sf on 15.8 acresfor the former Alvis headquarters.

A rent of £1.025 million ($1.45 million) per annum with a six month rent free period has been grantedby Prudential with break clauses and rent reviews after five and a halfand 10 and a half years. Although originally zoned as B1 a B8 user hasbeen granted for the specific use of Target. The new site will providethe company with its second major site in Coventry and will handledistribution throughout the north of England, Scotland and Ireland.

Target has also signed up for 45,000 sf on a 2.2 acre site at 3-4Patching Trading Estate at the junction of the M4 and M5 in Bristol.Landlord, Coal Pension Properties has refurbished the building as wellas granting a four month rent free at £190,000 ($268,000) per annum on a 10 year leasewith a review after five years.

George Barrett, director of agency Meyrick in Haywards Heath, WestSussex, which advises Target in its nationwide expansion programme,said, ‘We are looking for at least five more prime sites over the next12 months in locations throughout the UK.’ GVA Grimley acted for thelandlord in Coventry and Hartnell Taylor Cook in Bristol.

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