Industrial developer Griffen has agreed a 128,048 sq ft letting with manufacturer Caterpillar at Unit 1 at its Griffen Park logistics scheme in Desford, Leicestershire.
Caterpillar has signed a 10-year lease at a headline rent of £8.40 per sq ft.
Unit 1 is the first building to be delivered by Griffen’s in-house development platform as part of the Griffen Park masterplan, which also includes a 103,000 sq ft unit due to practically complete this month. Planning permission has been secured for two further units, ranging from 170,000 sq ft to 510,000 sq ft.
Bruce Bailey, chief investment officer at Griffen, said: “Our high conviction in state-of-the-art, sustainable warehouse product that is suitable for a diverse range of tenants, borne out over a number of years of investing and developing in the sector, has been validated by this major letting of a speculative unit and the headline rent achieved.”
Griffen was advised by C&W, JLL, DHP and Trowers & Hamlins.
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