Self-storage and archive specialist Iron Mountain Europe has agreed to take a 20-year sub-lease on the 14,956 sq m (161,000 sq ft) former Littlewoods distribution building in Livingston, West Lothian, at £2.95 per sq ft.
Incentives were given to Iron Mountain to take a 20-year deal, but no details of the concessions were divulged. The rental of £2.95 is below an average of more than £4 achieved by smaller sheds in the area.
The building, which is located at junction 3 of the M8 motorway, is owned by Scottish Life and Littlewoods and has around 42 years of its lease on the shed still to run.
Iron Mountain Europe is a joint venture between Mentmore Abbey and Iron Mountain Inc. of the United States.
NAI Gooch Webster acted for both Littlewoods and Iron Mountain in the deal.
EGi News 11/10/01
