Griffen has leased 128,048 sq ft to an unnamed global manufacturer at Griffen Park in Desford, Leicestershire.
The manufacturer has signed a 10-year lease for Unit 1 at a headline rent of £8.40/sq ft. The property, which features rooftop PV panels, is rated BREEAM Excellent and has an EPC A rating.
Griffen is currently on site with a 103,000 sq ft unit due to reach practical completion this month and has secured planning permission for two further units at the park ranging from 170,000 sq ft to 510,000 sq ft.
Bruce Bailey, chief investment officer at Griffen, said: “Our high conviction in state-of-the-art, sustainable warehouse product that is suitable for a diverse range of tenants, borne out over a number of years of investing and developing in the sector, has been validated by this major letting of a speculative unit and the headline rent achieved.
“As transport costs rise and consumer behaviour evolves, and businesses accelerate their own green agendas, only the most ESG compliant space, with a plentiful labour supply and excellent arterial connectivity, will be relevant for tomorrow’s occupier.
“UK warehouse occupational demand has remained stable in the face of the wider economic volatility, reflecting the sector’s structural undersupply and growing breadth and depth of businesses needing to future proof their operations.
“With the mid and big box development pipeline in particular remaining muted, reflecting higher costs and planning challenges, our circa 785,000 sq ft pipeline, track record and global occupier relationships, should all further cement our Desford campuses as a fully institutional premier UK logistics destination.”
Griffen was advised by C&W, JLL, DHP & Trowers and Hamlins.
