St Modwen Logistics has prelet 17,000 sq ft of space at its speculative development in Newport, Wales, to adhesive manufacturer Ureka Global.
Ureka is expected to begin fit-out works for the space after signing the leasing deal late last month. It is set to move in within the first half of this year.
The news comes as the developer completes construction on four facilities at the logistics park, totalling around 116,000 sq ft of speculatively developed space.
The quartet of buildings are EPC A-rated and hold a BREEAM Very Good accreditation. Features include LED lighting, smart metering, rainwater harvesting, air source heat pumps and solar roof panels.
The delivery of the facilities takes the warehousing space at St Modwen Park Newport to around 345,000 sq ft. Existing tenants include Amazon, Genpower, CAF and Mitel.
Phase 4, which comprises an additional 263,000 sq ft of logistics space, is due to complete in the summer.
Mark Snow, senior development director at St Modwen Logistics, said: “St Modwen Park Newport is located in Wales’s fastest-growing city, with nearly half a million people within a 30-minute drive, which underpinned our decision to bring these units forward speculatively.
“The park is already home to a number of leading businesses and has a range of warehouse uses, and the addition of more than 100,000 sq ft of modern logistics space will provide opportunities for companies to grow, supporting a diverse mix of employment opportunities.”
Alex Nunn, managing director at Ureka Global, said it was moving to the park after “a period of sustained growth”.
He added: “Having access to the M4 and wider motorway networks is critical to our business and, having looked at various locations, it quickly became apparent that Newport was the perfect spot for us. This move will allow us to bring all of our stock under one roof and ensure we are able to continue delivering for our customers.”
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