The new premises will be on Omega North, the major distribution and logistics hub, part of the £1bn development at junction 8 of the M62 in Warrington.
The £17 million funding deal with Hermes, the UK's largest home delivery courier network, marks just over £35m of investment by clients of LaSalle Investment Management who also funded the Brakes unit also on Omega North. It will see Hermes take 15,000 sq m (153,500 sq ft) of warehouse space, which includes 1,486 sq m (16,000 sq ft) of office space, on an 18 acres plot. Hermes will occupy the new facility on a 20-year lease with five-yearly structured reviews. GVA and Jones Lang LaSalle are joint letting/funding agents for Omega Warrington Ltd and Lambert Smith Hampton advised LaSalle Investment Management on the funding deal.
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This comes less than three months after Brakes was announced as the first occupier for Omega North. This takes signed space to over 32,516 sq m (350,000 sq ft) so far. Practical completion for the Hermes premises is scheduled for the end of 2013, for operation in April 2014.
Andrew Sutherland, joint Managing Director of Miller Developments, a partner of Omega Warrington Ltd (OWL) commented: "We are extremely encouraged to be making a further occupier announcement for Omega so soon after our first success and for such a high profile national logistics company. With the first works on site including a significant investment in infrastructure, Omega is now extremely attractive to big name occupiers as it is ready to go for quick build and occupation. At a time of shortage of high quality logistics space in the North West, Omega is now the right product at the right time."
(CD/H)
