Development to get under way on £77m distribution centre near Thrapston

The distribution centre is to be built near Islip
The distribution centre is to be built near Islip

The £77 million development of a huge new retail distribution centre on land near the A14 at Thrapston is to get under way in the summer.

LondonMetric Property announced today (Tuesday, April 1) that contracts for a 1.06 million sq ft (98,500 sq m) development had been exchanged.

However, it has declined to name the top 25 retailer with which it has signed the agreement.

Construction of the main works at the 70-acre site, near Islip, is to get under way in the late summer, with a provisional completion date set for summer 2015.

LondonMetric says a 25-year lease has been agreed at an initial rent of £5 per square foot for the new retail distribution centre.

The firm’s CEO Andrew Jones said the site was one of the UK’s largest-ever pre-let developments, adding: “The distribution market is evolving very quickly, with take up forecast at 50 million sq ft over the next five years.

“We are a partner of choice to many of the UK’s leading operators and look forward to delivering this latest generation distribution centre which will materially enhance our existing portfolio and significantly grow our contracted rental income.”