South West industrial hat trick for The Co-operative Estates
The Co-operative Estates has completed a major letting at the former Somerfield Regional Distribution Centre in Somerset to Hermes Parcelnet Ltd, the third industrial letting by Estates in the South West this year.
Hermes - one of the UK's largest home delivery courier networks which carries out over 160 million collections and deliveries each year - has signed a 10 year lease on the 43,000 sq ft property at Huntworth Business Park in Bridgwater, Somerset, at a rent of £210,000 per annum. GVA and Colliers represented The Co-operative Group.
Geoff Player, Director of Commercial & Investment Property at The Co-operative Estates, said:
“Our UK warehouses marketing campaign has seen significant activity over the last 12 months and in the South West in particular, where we now have completed three lettings totalling over 475,000 sq ft. It is our sixth major industrial property transaction of 2013.”
Paul Hobbs, Industrial Agency Director at GVA, said:
‘’Following within months of Rigid Containers taking 178,000 sq ft from The Co-operative at Wellington for their new regional packaging factory, the Hermes deal concludes a great run for the M5 corridor industrial market . This deal leaves only 79,000 sq ft of surplus modern warehouse space available at Jc 24 M5 following The Co-operative’s relocation to a state of the art new regional distribution facility in Bristol.”
‘’The parcel networks and e’tail service providers have had to radically boost their distribution capabilities in the UK during the last 24 months and that trend is global. Regions such as Devon and Cornwall stretch ‘next day’ delivery promises and suitable space for 24/7 operation business is very rare now. The expectation is that the sector could kick start a new build development phase in the South West and that would be a real turning point after six years of limited activity.”
Hermes is the UK’s leading consumer delivery specialist, handling more than 163 million collections and deliveries each year. Working with over 120 leading high street, catalogue and online retailers, such as Next Directory, ASOS, Debenhams and John Lewis, the company has grown rapidly in recent years to meet increasing levels of customer demand. The new facility at Bridgwater will provide strategically located warehouse accommodation as part of an expansion to the company’s hub and depot network, to handle an expected significant increase in parcel volumes during 2013.
Further details on The Co-operative Estates’ national warehouse disposals are available at www.ukwarehouses.com