Tritax Big Box to build £102m joinery warehouses in Northants

Tritax Big Box REIT is set to spend £101.8m building two distribution warehouses in Northamptonshire that have been pre-let to joinery firm Howdens.

The new sheds at Warth Park, Raunds, will have internal floor areas of 657,000 sq ft and 300,000 sq ft respectively.

Howdens already has a distribution hub on Warth Park. Developer Roxhill will build the two new warehouses.

Colin Godfrey, partner of Tritax, said: “We are pleased to be working with Roxhill again and investing in the second phase of Howdens’ new distribution centre, following the successful completion of the first phase which the company also forward funded in September 2015. Once completed, these three facilities will provide Howdens with a ‘centre of excellence’ for its supply chain operations which is expected to deliver very significant operational and efficiency benefits.

“This investment is in an established logistics location with a strong covenant and extends the weighted average unexpired lease term of the Company’s portfolio to around 16 years. This represents our ninth and tenth pre-let forward funded development and brings our total portfolio to 37 assets.”