Apr 01 2014
LondonMetric has exchanged contracts to develop a 1.06 million sq ft retail distribution centre on the A14 in Islip, Northamptonshire. The 70 acre site already has an outline planning consent and construction is expected to commence late summer with practical completion targeted for summer 2015. LondonMetric has exchanged contracts to let the development in its entirety to a Top 25 retailer, on a new 25 year lease at an initial rent of £5 per sq ft. The total cost of the development, including the site purchase, is anticipated at £77 million, reflecting a yield on cost of 6.9%.
The full announcement can be found in the attached file.
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