Stobart Group has sold its 315,000 sq ft distribution centre located at Carlisle Airport to Gramercy Europe for £16,925million. The DC asset was held in SAD1 Stobart Air Development 1 Limited – a company that has been sold in the transaction.
260,000 sq ft.of the site is sub-let to Eddie Stobart on a 20-year lease to service two long-term distribution contracts.
“We believe that this development will attract further inward investment at Carlisle Airport, securing and creating jobs in the area by offering cheaper logistics solutions at a location close to the Lake District and the border with Scotland,” said Stobart chief executive Andrew Tinkler. “There is also the opportunity for Stobart Air to create passenger air services, attracting business customers who require fast, effective transport links and giving tourists more efficient access to Cumbria and South West Scotland.”
Stobart purchased Carlisle Airport in 2009 for £9.9million to develop the remaining 248 acres for “logistics, aviation-related and other purposes.”