Homeware retailer, The Range, has taken a 475,000ft2 warehouse on a sub-lease from Argos at Acton Gate in Stafford until 2026.
The cross-docked facility boasts 12m eaves as well as 45 dock and seven level access doors. It has 40m yards as well as parking for 180 HGVs and 500 cars. There is a three-storey office totalling 55,140ft2. It is fitted with racking and LED lighting throughout. It is located close to Junction 13 of the M6 motorway.
“The letting of Stafford 475 to The Range and the strong levels of interest we saw during this process highlight the continuing demand for immediately available buildings,” commented John Sambrooks, Partner at Gerald Eve, which advised on the deal.
Gerald Eve’s Prime Logistics research found that occupier take-up hit record levels of 23.7 million ft2 in Q3 this year, driven by demand from online retailers, logistics operators and low-carbon industries. Availability during the period fell to a record low of 4.6%.
The building was put on the market in August last year by Sainsbury’s, which owns Argos, as part of a consolidation plan.
Legal & General Investment Management acquired distribution centre for £33m in 2014 at the time reflecting a net initial yield of 6.22%. It was bringing in a rent of some £2,170,500 per annum, reflecting £4.65 per ft2. The last rent review was carried out in 2018.