Eddie Stobart Logisitics takes 625,000 sq ft as a pre-let at Panattoni Park Northampton
Panattoni, Europe’s largest developer of logistics facilities, has pre-let its entire first phase Spec Build programme at Panattoni Park, Northampton to Eddie Stobart Logistics.
Panattoni’s commitment to developing three high quality buildings proved to be a real draw for Eddie Stobart. Hugh Macdonald Brown, advisor to the Group said: “The lack of quality space on the M1 prompted us to work with Panattoni to acquire these three buildings for Eddie Stobart. The location, directly on the M1 at Junction 16 gives Eddie Stobart real advantage. Access to an experienced workforce is key to the business, in Northampton we have good availability of highly experienced people on our doorstep.”
Oliver Bertram, Development Director at Panattoni commented: “Panattoni has developed a proven track record for delivering high quality buildings. During our discussions with Eddie Stobart on this project, it became apparent that we work together well, leveraging off expertise and knowledge to develop buildings that will create value for both businesses.”
Sebastien Desreumaux, CEO Contract, Logistics and Warehousing, including iForce said: “New contracts for our business have meant we require more high-quality space. We turned to a long-term partner in the team at Panattoni, with who we have worked over a sustained period. They were responsive to our aims and gave us the confidence to proceed. Our occupation at Panattoni Park Northampton will allow our business to fulfil these contracts and to continue our UK wide network consolidation plan. The Park offers us high quality space in a strategic location on a campus setting.
Eddie Stobart, iForce and The Pallet Network (TPN), occupy over 1.25m sq. ft. of warehousing space within 15 miles of Panattoni Park and having successfully operated from their current operations since 1997 choosing the site was an easy decision. Given our wider plans with our warehousing portfolio over the short to medium term, the opportunity at Panattoni Park provides the unique position for the business and one which allows us to continue to service existing customers to further utilise our current workforce whilst operating from this high quality development.”
Panattoni are to submit reserved matters planning applications for the second phase of the Park, offering occupiers on the 3 remaining plots 260,000 sq ft. to 800,000 sq. ft.
Savills and Burbage Realty acted for Panattoni.