Investors have committed more than £40m to develop a 69,677 sq m (750,000 sq ft) warehouse in Doncaster, which has yet to secure an end user.
CB Richard Ellis Investors will pay more than £42 million towards the development of HelioSlough’s distribution facility at Nimbus Park, Thorne, near Doncaster.
Mike Hughes of HelioSlough said: “The site is well-connected with a dedicated rail connection to the East Coast Mainline at Doncaster providing that all-important access to the East Coast ports. This, and the growing requirement of occupiers for this type of product, has been very important in securing the funding.”
The warehouse is expected to complete in November 2006 and HelioSlough expects to begin the second phase of 18580 sq m (200,000 sq ft) at the 20ha (50 acre) park later this year.
Pickard properties has agreed to forward fund AAH Pharmaceuticals’ new distribution headquarters for its Enterprise subsidiary based in Newcastle Under Lyme to the tune of £16.33 million.
The new 20,623 sq m (222,000 sq ft) building, due for completion in November, will permit AAH to consolidate from three nearby warehouses where leases are due to expire. AAH is taking a new 20-year lease with a fixed uplift at first review only. Simon Neve of AHBN, who jointly advised AAH with Savills, said: “The price achieved is a record for Staffordshire, based on a rental of £4.25 per sq ft.”
