£30m deal signed for logistics warehouse at Omega South
A £30m funding deal has been struck for a 356,000sq ft logistics warehouse and offices at the Omega South site near Warrington.
An agreement has been signed between Omega Warrington Ltd (OWL) and property investment firm LondonMetric Property to forward-fund the delivery of the premises.
The deal, announced on the stock exchange, follows LondonMetric’s successful £47.5m funding of The Hut Group’s 690,000sq ft warehouse at Omega South in 2014.
It also comes only a few weeks after OWL submitted a planning application for detailed designs for the latest logistics warehouse and ancillary office space.
The 18.9 acres development site sits within ‘Zone 7’, an area within Omega South which was granted outline planning permission in May 2014 for 2.1m sq ft of manufacturing and logistics space.
The development site being purchased by LondonMetric is to the south of the new Asda building, between the new Plastic Omnium premises to the west and the 35 acres Green Heart to the east.
Liam Fennell, of KUC Properties, apartner in OWL said: “OWL has so far delivered three logistics/manufacturing premises supporting hundreds of jobs on Omega South, for Asda, The Hut Group and Plastic Omnium.
“We look forward to delivering a fourth, again with LondonMetric. Through this latest deal and the submission of the planning application, we are seeking to build on that success at a time when occupier interest is significant.
“Our focus throughout is to ensure Omega South is open and attractive to businesses now, to maximise those opportunities and create more jobs for the area.”
It is expected that a decision on the planning application for the plot will be made by Warrington Borough Council over the next couple of months.
If it is approved, it is anticipated that construction on the LondonMetric warehouse would then commence in March 2016, with completion in December 2016.
Omega Warrington Ltd is a joint venture between Miller Developments and KUC Properties Ltd, in partnership with landowner the Homes and Communities Agency and supported by Warrington Borough Council and the Cheshire and Warrington LEP.
