Rosemound Developments and Scottish Widows Investment Partnership (SWIP) have formed a 50:50 joint venture to develop two distribution facilities at Logix Park in Hinckley, Leicestershire.
The speculative development will involve two facilities of 132,000 sq ft and 97,000 sq ft, with a projected end development value of around £20m.
North Rae Sanders and Savills are the letting agents.
The two units are expected to be completed by September.
Robert Rae, partner at North Rae Sanders, predicted that they would achieve rents of around £5.75 per sq ft.
Rosemound has already agreed pre-lets with Irish distributor Walsh Western for 362,000 sq ft at £5.50 per sq ft and laundry firm Johnson Services for 50,000 sq ft at £6 per sq ft. These are both on 15 year leases.
There is also a 47,000 sq ft facility reserved for an unnamed distribution company.
This is the second joint venture between Rosemound and SWIP, following on from an agreement late last year to develop the Essex Road site in Hoddesdon, Hertfordshire, also on a speculative basis.
References: EGi News 24/02/06
