BOC Distribution Services has taken a prelet on a 19,230 sq m (207,000 sq ft) distribution warehouse at the 26.3ha (65 acre) Valley Park business park in Rugby, Warwickshire.
The 92,900 sq m (1m sq ft) scheme is currently being developed by Frogmore Estates in conjunction with Kingspark Developments.
This latest letting, which will occupy a 4.85ha (12 acre) site at Valley Park, takes the total prelets on the development to over 55,740 sq m (600,000 sq ft) and accounts for more than half the available space at the scheme.
BOC will be paying an annual rent for the distribution facility of approximately £1m on a 15 year FRI lease with five yearly rent reviews. Construction is to commence immediately with occupation available in February 1999.
The completed building, having a value of approximately £14m, will be offered for sale to the investment market on completion.
This is the second major prelet secured at Valley Park in the past two months. In March, in one of the Midlands’ largest leasing deals in recent times, the Co-Operative Retail Services agreed terms for a 30,657 sq m (330,000 sq ft) distribution centre on a 9.51ha (23.5 acre) site. The resulting investment has been forward funded by Norwich Union for a total consideration in excess of £21.5m.
In total, 15.38ha (38 acres) at Valley Park have now been either prelet or developed, leaving only 10.12ha (25 acres) remaining.
Frogmore and Kingspark were represented in the prelet by Holley Blake, North Rae Sanders and Drake Commercial.
EGi News 29/04/98
