Cash and carry chain Costco has lodged a planning application to develop one of its cash-and-carry stores on close to 10 acres at Segro’s IQ Farnborough business park in Hampshire.
Costco is now working through the planning for the 9.68-acre site with the council. The application is expected to be determined on September 10.
Costco exchanged on a conditional contract, subject to planning, to acquire the 999-year lease from Segro in January for an undisclosed sum. Sources said land in the area is valued “considerably in excess of £500,000 an acre”.
As tipped by Estates Gazette (1 May 2010, p24), Segro has also completed the sale of a 15-acre slice of its IQ Farnborough business park to TAG Aviation group (for an undisclosed sum).
The plot of land has consent for 286,000 sq ft of offices. TAG is understood to have bought the site for an office and airport facilities complex as part of its plans to expand its operations at nearby
Jones Lang LaSalle, Cushman & Wakefield and Hollis Hockley advises SEGRO; Jones Lang LaSalle is advising Costco; TAG was unrepresented.
annabel.dixon@estatesgazette.com
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