Graftongate has pre-let an 85,000 sq ft warehouse to John Lewis Partnership, for a customer delivery hub near Enfield.
The developer has completed the deal on the 5 acre site at Kennet Properties’ Innova Park Scheme in Enfield, just off Junction 25 of the M25 motorway.
John Lewis Partnership has signed a 20-year lease of the new facility at a rent of £7.85 per sq ft.
Construction commences at the end of February with completion in September 2010.
Legal and General Property is forward funding the development as tipped by Property Week (11.12.09).
This is Graftongate’s second pre-let for John Lewis within the last 12 months having completed a similar facility in association with Burford at their Cabot Park scheme in Avonmouth.
Colin Beasley, director at Graftongate, said: “We are delighted to be doing repeat business with John Lewis Partnership and carrying out the first substantial pre-let warehouse in the South East for a considerable period of time.”
“John Lewis Partnership are securing a significant fit-out package, Kennet the landowners are benefiting from a share in the development profit, and Legal and General Property will benefit in securing an off-market investment, a reward for their commitment early in the project.”
Colliers acted for John Lewis Partnership, M3 acted for Kennet.