Commercial real estate news releases from Avison Young
Quarterly and topical research insights to help your business gain competitive edge in commercial real estate.
Avison Young secures letting at Tamworth 195August 3, 2022
Paack Logistics UK Limited has expanded its operations to a modern refurbished warehouse totalling 195,143 sq ft at Kingsbury Link in Tamworth. Avison Young acted on behalf of the landlord, Mileway, in the transaction and Roberts Vain Wilshaw represented the tenant.
The rapidly growing parcel delivery firm, which specialises in zero emission final mile deliveries has taken the unit, known as Tamworth 195, on a 15-year lease. The facility should be up and running by September 2022.
Gordon Finlay, Operations Director for Paack Logistics UK Limited, said:
“This facility will be our main UK hub and provides the perfect platform for our continued expansion.”
The unit, which was previously occupied by DSV ahead of granting of a new lease to Paack, benefits from Grade A specification, including 40 dock level and 7 level access loading doors, 13.6m eaves height and a yard depth up to 116m.
Kingsbury Link is located adjacent to Junction 10 of the M42, with national occupiers in the area including FedEx, DB Schenker, Movianto, Ocado and Greencore.
"The high level of occupier interest we had in the unit and subsequent deal showcases the strength of demand in the market for Grade A product in strategic locations. We are delighted to have been able to identify Paack quickly and look forward to working with Mileway again in the future,” said David Tew, Director at Avison Young, who acted on the deal.
Joseph Wilshaw, Principal Director for Roberts Vain Wilshaw Chartered Surveyors who advise Paack Logistics nationally on all property matters, said, “We are very pleased to get this strategic acquisition over the line for our valued, forward thinking final mile delivery company client. Paack is growing fast and this hub was needed to aid the expansion plan. It was a pleasure dealing with the landlord’s agent and I look forward to seeing the facility opened following the extensive refurbishment.”
Max Pearson, Asset Manager at Mileway, added:
“The recent letting of Kingsbury Link to Paack shows continued strength for well-located industrial space in the Midlands. We are pleased to have secured Paack, an exciting new logistics company, on a 15-year lease at the site and look forward to seeing them grow in the sector.”