Tenant secured for refurbished distribution centre

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Colmore Capital has let its 33,617 sq ft distribution unit at Swift Valley, Rugby, to sustainable operator Resource Secure Recovery.

Founded in 2014, Resource Secure Recovery is a rapidly expanding business which offers reuse solutions to the food sector. Now a nationwide operation, it processes around 30,000 tonnes of food products equating to 10% of the surplus produced by many of the biggest and best-known supermarkets and businesses operating in the UK.

Ian Robb, managing director of Resource Secure Recovery, said: “We were extremely impressed with the quality of Swift 34, and we are confident that it will serve as a crucially important location for our business’s strategic growth.

“Whilst the prime location of the property was a key factor for us, it was also incredibly important that we found the right quality of space as we aim to handle higher volumes supporting the UK’s food sector businesses achieve their sustainability goals.

“The provision of high quality and newly refurbished office space, the parking and breakout we need for our staff, as well as a high specification warehouse with new flooring and lighting, all came together to make Swift 34 the obvious choice for our business. Both Colmore Capital and the team at Drake Commercial were instrumental in expediting the letting process, which allowed us to hit a key deadline for our business.”

Colmore Capital is now seeking an investor to purchase the fully refurbished and leased-up property.

Guy Revell, investment associate at Colmore Capital, said: “After acquiring Swift 34 in November 2020, we quickly undertook a comprehensive refurbishment with Tandem Contracts and the speed of this new letting speaks to the quality of the finished product, as well as the strong fundamentals of the property and location.

“We send a warm welcome to Resource Secure Recovery and are truly glad to have been able to complete this deal in time to enable them to begin servicing their new contracts, with all parties having worked extremely hard to get this deal across the line.

“At Colmore Capital we are proud to have provided another great workspace, carefully aligned with market demand, which has facilitated a growing business’s investment in a new long-term home. We undertake extensive pre-acquisition research and due diligence for all new assets, which gave us the insight and confidence in the local occupational market to deliver the right product. We are always looking for new investment opportunities and would welcome any introduction to assets like Swift 34.”

CBRE is the agent.