These two units, let to John Lewis Partnership and totalling 335,000 sq ft, have nine metre eaves, 27 dock-level loading doors and 8 level access. Northampton is in the heart of the ‘Golden Triangle’, one of the UK’s premier distribution locations, putting the asset within 4.5 hours’ drive time of 85% of the UK population.

Key statistics

Valuation
(31 March 2021)

£40.5m

Valuation
(31 March 2020)

£30.5m

Area
(sq ft)

335,000

Contracted Rent
(31 March 2021)

£1.9m p.a.

Key
Occupier

John Lewis plc

Occupancy

100%

Why did we buy it?

The property was well priced and in a core logistics location, with excellent transport links. Low availability of space in this location, coupled with rising rents, meant we saw good reversionary potential at the next rent review, as well as scope to extend the lease given the occupier’s investment in the building to support their e-commerce growth.

What have we done since purchase?

Since acquiring the asset, we have engaged with the occupier to understand its wider occupational strategy and the building’s role within it. This helped us to agree a new reversionary lease that extended the term from March 2024 to March 2029, subject to a rent review in March 2024 with a cap and collar.

What is the future?

We will continue to engage with John Lewis over its occupational requirements and will progress the March 2024 rent review.

Sustainability features

  • Close proximity to public transport links
  • Looking to collaborate with the occupier, to support its ESG initiatives
  • Planned installation of electric vehicle charging points and PV solar panels will enhance sustainability