LondonMetric Property has let a 50,664 sq ft warehouse near Uckfield, which was formerly occupied by John Lewis Partnership (JLP), to an unnamed private company.
Unit 4 at Ashdown Business Park, which sits on a 3.3-acre site, was designed and built for JLP in 2016 as a regional distribution hub. However, the property was deemed surplus to requirements by the business and closed in 2022.
JLP appointed Vail Williams to market and assign the company’s lease on the building, but following significant interest, a deal was concluded on the basis of a lease surrender by JLP and grant of a brand new 15-year lease on an improved market rent of just under £10/sq ft with CPI reviews.
Steve Berrett, Vail Williams Gatwick region partner, said: “We are thrilled to have completed this transaction, not only for John Lewis but also for the landlord. We received a great deal of interest in the unit and it was a complex transaction. It was very much a successful result for all parties – JLP were able to relinquish the liability and LondonMetric achieved a new lease on improved terms.”
