IM Properties completes 302,000 sq ft distribution deal
COLESHILL-based IM Properties has completed one of the largest industrial lettings of the year with Oak Furniture Land, the UK’s largest retailer of solid hardwood furniture.
Oak Furniture Land has taken the whole of IM Properties’ 302,000 sq ft distribution warehouse, known as DC2, on South Marston Park, Swindon, on a 15 year lease.
Currently operating from four premises in the town, the move will enable the retailer to store and distribute its products under one roof while employing more than 200 members of staff.
Fast-growing Oak Furniture Land was also attracted by the building’s expansion opportunities – where up to 150,000 sq ft of expansion space can be developed, subject to planning, for the tenant in situ.
South Marston Park is home to a number of national and international companies including Honda, Aldi, M&S, B&Q and TDG.
Oak Furniture Land property director Steve Kettel said: “The DC2 unit will provide us with the opportunity to streamline our storage and distribution processes, bringing the majority of our operations under one roof and allowing us to service our customers more effectively.”
Rob Hemus, asset manager at IM properties, added: “IM Properties purchased this building in 2007 as we were confident of its letting prospects. To secure Oak Furniture Land within six months of Morrisons’ departure pays testament to its quality and location.”
Cushman & Wakefield and Jones Lang LaSalle were the joint letting agents acting on behalf of IM Properties.
