£29m property deal at retail logistics hub
The 330,300 sq ft site was purpose-built for Next in 2005, with 22,000 sq ft of office space, and forms part of a logistics hub for the retailer, which has three other owner-occupied sites on adjacent sites.
The warehouse is located two miles north west of Junction 38 of the A1(M) in South Elmsall, Doncaster near to LondonMetric’s Superdrug Distribution Centre.
Last year another Next warehouse (pictured) in Doncaster was acquired for £60m.
Andrew Jones, chief executive of property group LondonMetric, said: “This is a highly automated warehouse which is let to a great tenant and is a strong addition to our distribution portfolio.
“It complements our ownership of the nearby Superdrug Distribution Centre and also increases our exposure to one of the UK’s top retailers with whom we already have an excellent relationship.”
LondonMetric was advised by Savills and the vendor was advised by JLL. Following this, LondonMetric’s logistics portfolio has 22 distribution centres totalling £656.6 million. This represents 46.7% of the Group’s total portfolio.
