John Lewis logistics pre-let agreed in Southampton
Forsters has advised developer Peel Logistics Property, together with funding partner Rockspring Property Investment Managers, on the first pre-let at their urban logistics development known as South Central in Nursling, Southampton.
The John Lewis Partnership plc has exchanged contracts in respect of a 46,000 sq ft purpose built customer delivery hub which will provide the UK retailer with additional capacity to serve the City of Southampton and the south coast region.
Construction of the Grade A development, which comprises three logistics facilities totalling 202,000 sq ft, is underway, with the John Lewis facility scheduled to reach completion by September 2018. The other two units will be developed speculatively and are expected to be available for occupation in May 2018. The site was acquired by Rockspring’s TransEuropean V Fund in 2016.
Mark Krol, assistant director at Rockspring, said: “Securing such a high profile business as JLP so early in the process is a major achievement for the team and, we feel, provides a strong endorsement of both the location and the quality of the planned building. We hope to be able to announce further commitments in the very near future.”
Neil Dickinson at Peel Logistics Property added: “This leasing deal with John Lewis is another example of Peel Logistics Property’s capability in delivering high quality urban logistics facilities for leading UK occupiers. We look forward to welcoming other tenants to South Central as construction progresses.”
Commercial Real Estate partner Victoria Towers advised on the pre-let arrangements, assisted by senior associate, Laura Williamson and associate, Megan Wade. Senior associate Alastair Robertson provided advice on the Construction matters.