Seven Trent Property subsidiary DIRFT, has sold more than 90 acres of undeveloped ground at its 364-acre DIRFT Logistics Park, at J18 of the M1 in Northamptonshire, for an undisclosed sum to a joint venture company controlled by Rosemound Developments and British Land Group. However, DIRFT has retained the 25-acre on-site Daventry International Rail Freight Terminal Port and says it will press ahead with developing DIRFT Logistics 2, a 133-acre expansion of the park.
The expansion, which has received formal consent, will comprise 180, 690sq m of distribution and manufacturing floorspace. Up to 90% of that will be capable of direct rail connection to the terminal.
The land sold to the joint venture will not have direct rail connect but is capable of providing a further 120,770sq m of industrial accommodation to 232, 250sq m already developed by DIRFT.
The agents for DIRFT Logistics 2 are Jones Lang LaSalle and Howkins & Harrison.
According to DIRFT, the logistics park “is fast becoming a strategic centre” for major retailers such as:
lTesco now has 930,000sq m at the park.
lAsda Wal-Mart currently runs six trains a week from the terminal to Grangemouth, cutting three million lorry miles for its supply chain a year.
lMarks & Spencer is using Tibbett & Britten to provide warehouse and handling facilities for its national wine distribution.
lCostco and Toys-R-Us are also using the park’s rail facilities to extend their distribution capabilities.
Jeff Jones, director of DIRFT, comments: “The retail sector is one we are keen to attract. Its operation represents the cutting edge of the industry, and its logisticians are always seeking improved efficiency to meet the challenging demands of a very competitive market.”
Reasons for retailers being attracted to the park include avoiding increased road congestion, the impending Working Time Directive and additional road pricing on lorry movements from 2006.