Hortons’ Estate has completed the “multi-million pound” purchase of a distribution centre in Corby.
The company acquired the 19.8 acre site at Oakley Hay Industrial Estate, which comprises two warehouses totalling circa 275,000 sq ft and is let to retailer Joules. There is an additional circa 3.2 acres of open storage land with development potential currently let to TUTS (UK).
When the current leases come to an end Hortons intends to improve the existing buildings and develop further high-quality industrial/warehouse accommodation.
Hortons’ James Slater said: “This is an excellent site in a strategic East Midlands location. It offers the prospect of future rental growth as well as being extremely well positioned for future development.
“Over the next 24 months we will be carrying out a series of improvements to the existing buildings that will provide occupiers with Grade A accommodation with enhanced sustainability, through the reuse of the main building elements. Our hope is that the site will retain existing distribution jobs in Corby and create new employment opportunities.
“We are continuing to expand our investment and development portfolio in the Midlands, with a particular focus on high-quality industrial and logistics locations with development potential.”
Hortons was advised by TT&G Partners.
