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Sheds Soar, Despite Brexit

Co-op cooperative

The U.K. haulage sector may be pulling out their hair in frustration as the government announces a lottery to distribute just 3,800 licenses to 40,000 vehicles wanting to cross the Channel in the event of a no deal Brexit, but the East Midlands shed market is booming nonetheless.

Prologis has won planning approval for a 535K SF Daventry logistics unit as Co-Op Food announces a 661K SF new warehouse in Bedfordshire.

The new Co-Op building has been secured on the basis of a new 20-year lease at a rent of £7.10/SF in a deal with developer db symmetry.

Symmetry Park, Biggleswade, which extends to 50 acres, was purchased by db symmetry in summer 2017. It has planning permission for 1M SF of logistics floorspace.

The Prologis unit at the DIRFT site, close to junction 18 of the M1 motorway, opens the way to a new unit sit alongside Tesco, Eddie Stobart, Sainsburys and Arcadia.

Midlands industrial and logistics markets continue to perform well, with upwards pressure on rents resulting from continuing occupier demand, and a shortage of land, especially around the Birmingham conurbation," Cushman & Wakefield Industrial Partner Simon Lloyd said. "Rent growth across the region has been strong for the last two-three years, resulting in a higher base rent for future growth rates. Given the market dynamics, this trend is set to continue." 

Colliers and Brown & Lee act for db symmetry at Symmetry Park, the Co-Op were advised by Matthews & Goodman.