Wincanton, the largest British logistics company has leased a prominent 79,178 sq ft distribution unit in Chippenham, Wiltshire.
The company has taken the building, named Chippenham 79, on a new 10 year lease from LGIM Real Assets (Legal & General). Wincanton will be using the unit, which is a short distance from its head office in the town, to fulfill a new defense-related contract on behalf of a leading customer.
The property comprises a detached distribution/manufacturing unit in a prominent location on Bath Road in Chippenham, which is located between Swindon and Bristol, a short distance off the M4 motorway. The building had been comprehensively refurbished by Legal & General on a speculative basis in order to assist in securing a new tenant.
James Whitehill, Senior Fund Manager at Legal & General said: “The level of investment into the refurbishment of Chippenham 79 demonstrates Legal & General’s commitment and confidence in the logistics and industrial sector in the UK. The refurbishment also helped us to achieve an Energy Performance Rating of A, significantly boosting the building’s sustainability credentials. We are delighted with the result and are pleased to welcome such a high profile tenant to the property.”
Cushman & Wakefield acted on behalf of Legal & General, Whitmarsh Lockhart and Lambert Smith Hampton acted as joint agents, whilst Malcolm Hollis managed the building refurbishment.
Philip Cranstone, Associate in Cushman & Wakefield’s Logistics & Industrial team in Bristol commented: “Legal & General’s decision to refurbish Chippenham 79 to such a high standard has certainly paid dividends in helping to secure a high quality tenant just over six months after practical completion.”
Ian Henderson, Group Property Director at Wincanton added: “Chippenham 79 is a significant addition to our property portfolio, which we are constantly reviewing to meet customer needs. Our position as a leading third party logistics provider means we’re ideally placed to bridge the gap between the needs of landlords and tenants. This helps us to negotiate the very best deal for our customers.”