A leading specialist Logistics Company is set to open a new hub in Gateshead.
The Panther Group has taken a 37,770 sq ft industrial unit at LGIM Real Assets’ 14 Follingsby Park on a 10 year lease.
Panther Logistics will be using the new hub to offer its next day delivery service for a wide variety of clients. Headquartered in Northampton, the company is one of the UK’s leading suppliers of nationwide 2 Man and 1 Man Assisted ‘White Glove’ Home Delivery Services.
Follingsby Park is located in a prominent position on the A194 and is widely regarded as the North East’s premier distribution location. The unit was comprehensively refurbished in August 2016.
Cushman & Wakefield in Newcastle acted for the owner Legal & General Investment Management Real Assets (LGIM), on behalf of its UK Property Fund. Panther was represented by Knight Frank.
Launched in 2006, the Legal & General UK Property Fund has grown from £100m to over £2.5bn today as it continues to see steady inflow of capital from both Retail and Institutional investors.
Matt Jarvis, Fund Manager of the Legal & General UK Property Fund, said: “We have recently completed a number of refurbishments initiatives at Follingsby Park as part of its comprehensive rebrand. As a result, we have seen significant occupier interest in the estate as demonstrated by this most recent letting to Panther Logistics.”
Richard Scott, Partner in Cushman & Wakefield’s National Industrial & Logistics in Newcastle commented: “Following its recent refurbishment, we received considerable interest in the unit before agreeing the letting to Panther. LGIM Real Assets is continuing to invest in the estate with an ongoing programme of refurbishment for vacant units and we anticipate there will be high demand due to the shortage of stock in the region.”
The depot is set to open in Q2 2017.