C75 Coventry completes with a pre-let to luxury flooring company Amtico
Posted on: Oct 31, 2017
In a forward funding with M&G Real Estate, Chancerygate has achieved practical completion of C75, Coventry, a 75,530 sq ft modern warehouse unit on Pilot Business Park in Coventry which has been pre-let to luxury flooring company Amtico.
The location of C75 is known to be one of the strongest in the UK for logistics facilities. Amtico will benefit from the facility being situated in the “Golden Triangle” prime West Midlands logistics area, which is close to the M1, M6 and M45 motorways and has good connections to Coventry and Birmingham airports.
The site for this speculatively built warehouse which signals the extension of Chancerygate’s development activities into the expanding urban logistics market was originally acquired using Chancerygate’s own balance sheet and subsequently forward sold to M&G Real Estate in June for £8.275m. The investment supports M&G’s continued strategy to build exposure to the sector, in core locations across the UK.
Eddie Cook, Director at Chancerygate commented: “Having acquired this site in December 2016 we are delighted to have completed this scheme on time and within budget within a short timeframe. This is another example of the expertise of our in-house development and project management teams working together to deliver a first-class institutional product for the fund and its tenant.
Amtico were identified at an early stage allowing M&G to agree terms within the construction phase”.
David Crowley, Director of Logistics and Industrial at M&G Real Estate, said: “We are delighted to be able to announce the pre-let of our new logistics development at C75 where we have been able to move from practical completion to a leasing agreement within days. This latest deal is indicative of both the quality of the space created at C75 and the desirability of this location for occupiers looking for warehouse accommodation.”
Mark Halls, Head of Logistics at Amtico Flooring, adds: “We were very keen to obtain Pilot Park – it’s close to our factory so we can retain our staff and continue to support the local economy, something that’s important to us. It’s a good size, well-constructed and meets all our needs for accessibility and sustainability.
Amtico consider Pilot Park to be our showpiece building, supporting the future growth plans for the business, allowing us to expand our warehousing and Flooring School training facilities to support increased sales and production levels and new product ventures.”