Tritax Big Box REIT plc (LON:BBOX) has reached practical completion of a 1 million sq ft logistics facility at Symmetry Park, Kettering, and lease commencement has occurred for the pre-let to Amazon.
Delivering attractive returns to investors
The facility was pre-let to Amazon and has been developed through Tritax Big Box’s development programme.
· Let on a 20-year lease, with five-yearly index-linked rent reviews
· Delivers a yield on cost at the top end of our 6-8% guidance range and ahead of our original expectations
· Secures £9.8 million of annual rental income
Symmetry Park, Kettering extends to 136 acres, and the completion of this facility marks the delivery of all three committed buildings at the scheme, totalling 1.6 million sq ft. Alongside Amazon’s facility, the park includes Iron Mountain’s 0.3 million sq ft unit and a 0.3 million sq ft national distribution centre built for Greggs plc.
Supporting our client’s long-term ambitions
The building has been delivered to a Grade A specification, achieving an EPC A rating and BREEAM Excellent certification, and meeting Net Zero Carbon in Construction standards in line with Tritax Big Box’s approach to sustainable development across its portfolio.
Once fully operational, the facility is expected to support around 2,000 jobs, adding to employment opportunities across Kettering and the wider North Northamptonshire area.
Colin Godfrey, CEO of Tritax Big Box REIT plc, said:
“Reaching practical completion on this facility, Amazon’s largest UK cross-dock warehouse, is a significant milestone for Symmetry Park, Kettering and for our relationship with Amazon. It provides further evidence of our strategy in action, delivering growing rental income for shareholders at an attractive yield on cost. Our market-leading land platform enables us to carefully match clients’ requirements across building size, location and configuration, positioning us well to capture continued demand for high-quality logistics space.”
