Joint venture partners Frogmore Estates and Kingspark Developments have exchanged contracts for the preletting of a 30,657 sq m (330,000 sq ft) distribution centre on the 26 ha (65 acre) Valley park scheme in Rugby, Warwickshire.
Co-operative Retail Services has taken a 25 year lease on the building at an initial rent of about £51 per sq m (£4.75 per sq ft). The unit is located on a 9 ha (23.5 acre) site and Norwich Union is forward funding the investment to the tune of more than £21m.
This is the second transaction secured at Valley Park since the site was acquired and consent secured for 92,900 sq m (1m sq ft) of B1, B2 and B8 space. The first deal was agreed with a local engineering company, A W Precision Ltd, which bought the freehold of a 4,645 sq m (50,000 sq ft) unit.
Holley Blake, North Rae Saunders and Drake Commercial advised Frogmore and Kingspark on the CRS deal.
EGi News 03/03/98
