Tritax Big Box REIT has confirmed that it has pre-let a 2.3 million sq ft distribution centre at its Littlebrook Dartford development.
While it is rumoured that the facility has been pre-let to Amazon the developer has not commented. However it did say that it had ‘exchanged contracts with a world-leading online retailer to pre-let a new Mega Box logistics building’.
The pre-let and planning consent covers the Phase 2 and part of Phase 3 plots of the development, comprising on a 35.5 acre plot.
Tritax said it had worked closely with the un-named customer, an existing tenant, to understand their current and future requirements and develop an optimal logistics solution from Littlebrook’s c.97 net acres of development land, acquired in July 2017. The site will play a key role in the e-commerce customers’ local and national distribution and fulfilment network in addition to delivering economic and employment benefits to the area.
Following completion, the “world-leading online retailer” will occupy over 7 million sq ft of high-quality Big Box logistics space within the company’s portfolio representing c.19% of total contracted rent roll.
The Littlebrook development project, formerly the site of a decommissioned power station, is adjacent to the QE2 Bridge, Dartford Tunnel and on the south bank of the River Thames and has the potential to become one of London’s largest Big Box logistics parks in a critical “last journey” location inside the M25
Practical completion of the new facility is expected in summer 2021, and the building will target an Excellent BREEAM and EPC A ratings, with key features including:
The property has been let on a new 20-year lease, subject to annual upward only rent reviews indexed to the Consumer Prices Index (collared at 1% pa and capped at 3% pa) with the first review in Summer 2022
Colin Godfrey, chief executive of Fund Management, said: “Working with our partner Bericote, the development of the site will not only deliver much sought-after high specification logistics space for London, but will also bring enhanced local infrastructure and significant employment opportunities to the local area, strengthening its economic growth.”