The largest speculatively built mega shed in the UK has been let.
L&G Homes which has been set up by insurer Legal & General to manufacture flat packed homes for the rental market, has signed a 10 year lease on The Big 555 in Sherburn-In-Elmet, Yorkshire.
The 555,000 sq ft unit was created by joining together two smaller units to offer a unique opportunity to the UK property market as the only new built logistics warehouse larger than 500,000 sq ft. It will now be used for the manufacture of flat-packed homes. L&G Homes is thought to be looking to invest some £500 million to replicate the model nationwide.
The facility totalling 556,126 sq ft boats 56 dock and four level access loading doors, a 15m eaves height, 360 degree circulation, 119 HGV and 348 car parking spaces and a 50m yard. The property comprises 60 doors (56 dock level) with cross-docking potential. It is located off junction 42 of the A1 (M), only 14 miles from Leeds, while the ports of Hull, Grimsby and Immingham are all within one hour HGV drive time. Tenants already located at Sherburn Distribution Park include Sainsbury’s, Debenhams, Eddie Stobart, EDM and Optare.
The BIG 555 forms part of a portfolio of 16 warehouse properties bought by Blackstone Real Estate Partners Europe IV for its European logistics company Logicor from a joint venture between funds managed by Oaktree Capital Management and Anglesea Capital last year. The joint agency team of CBRE, DTRE and Moriarty and Co advised property owner Logicor. L&G Homes were unrepresented.