Tritax Big Box secures permission for Symmetry Park distribution centre
By Iain Gilbert
Date: Thursday 16 May 2019
(Sharecast News) - Real estate investment trust Tritax Big Box has received planning permission for the development of a new distribution centre at Symmetry Park, Biggleswade.
Tritax's new regional distribution centre, pre-let to The Co-op Food Group, will be made up of a new purpose-built RDC, which also includes ancillary office space as well as significant parking and service yards, and will increase the Co-Op's presence in London, the South and the South East.
The property will also benefit from significant capital investment by the Co-Op, including high levels of fit-out to include frozen, chilled and ambient food storage zones within the RDC.
Construction will begin towards the end of 2019 and, upon practical completion of construction, currently targeted for early 2021, with the Co-Op inking a new 20-year lease, subject to five yearly upward-only rent reviews.
Tritax partner Colin Godfrey said: "The property, which will benefit from significant capital investment in the fit-out, will create a wide range of jobs locally and play an important role in The Co-Op Food Group's UK supply chain, as it expands further into London and the South East.
"Strategically positioned in an increasingly important logistics location with excellent transport infrastructure and a strong labour supply, we look forward to delivering this high-quality pre-let development asset for an existing customer of Tritax Big Box."
Elsewhere, Tritax declared an interim dividend for the quarter ended 31 March of 1.7125p per ordinary share, payable on or around 17 June.
As of 0920 BST, Tritax shares had crawled ahead 0.47% to 148.80p.
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