UK leading third party logistics business, Great Bear Distribution, has agreed terms with Henry Boot Developments Limited to pre-let a 479,285 sq. ft. distribution building at Markham Vale Business Park in Chesterfield.
The deal is the biggest yet for the regionally significant 200 acre business park which is being undertaken by Henry Boot Developments Limited in partnership with Derbyshire County Council. The park has experienced unprecedented occupier interest in the last 12 months and become a major UK hot spot for commercial growth.
Henry Boot Developments has agreed a 15 year lease agreement with Great Bear Distribution at £4.75 per sq. ft. It is to design and build the highly innovative facility with a 19m clear internal height and incorporating 13,500 sq. ft. of office accommodation. Henry Boot Developments expects to start construction by autumn 2015 with completion anticipated in the spring of 2016.
The deal follows Great Bear’s acquisition of a 412,000 sq. ft property in Sheffield in 2014 bringing its total UK network space to nearly 5 million sq. ft. Peter Johnstone of Legat Owen Chartered Surveyors, representing Great Bear Distribution, said,
“This acquisition represents a major step forward in the growth of our network. The established, high quality site and strategic location will serve our expanding national client base with exceptional facilities.”
Ben Ward at Henry Boot Developments commented:
“We are delighted to secure such a ground breaking deal with Great Bear Distribution. The last year has been exceptional for Markham Vale with six major deals and a huge amount of development activity. We are currently on site building over 150,000 sq. ft. in bespoke new units for Gould Alloys and Inspirepac and have recently completed buildings for Holdsworth Foods, Ready Egg and Euro Garages. This activity gives us the confidence to develop new plot opportunities on the north part of the site with a launch planned in the summer. A further 40,000 sq ft pre-let is in the pipeline at Markham Vale West and is due to complete before the end of 2015.”
Glenn Lindfield, CEO of Great Bear Distribution, said:
“Bringing our business to Markham Vale is a positive step forward for our company. The site is exactly what we’ve been looking for with tailor-made facilities in a prime location just off Junction 29A of the M1 motorway, providing easy access to our customers and other bases across the UK. We look forward to becoming part of Markham’s growing network of companies.”
The timing of the deal coincides with the forthcoming launch of Markham Vale North which will accommodate units from 50,000 sq ft up to 600,000 sq ft. Enabling infrastructure works are due for completion July 2015 with availability for a start on site immediately thereafter. Units of 10,000 sq ft up to 50,000 sq ft are available now at Markham Vale West.
Located at Junction 29A of the M1 in Chesterfield, Markham Vale is a joint venture between Henry Boot Developments and Derbyshire County Council and is one of the UK’s largest Enterprise Zone developments.