Griffin Secures Letting for Luxury Sports Car Manufacturer

Griffin UK Property Investments Limited has recently developed a 130,000 sq. ft. warehouse that will be used by a luxury British sports car manufacturer. Griffen worked on behalf of Griffin UK Property Investments Limited in order to secure the letting of the warehouse for the car manufacturer.

The warehouse is located at the 59-acre distribution park, WDP40. The park is in Wellesbourne, Warwickshire, just off J15 on the M40 and is close to Warwick. The letting is for 15 years and illustrates the growing demand for distribution and logistics assets in prime locations in the West Midlands. The luxury British sports car manufacturer is already a tenant on the estate, but has entered in to an additional 15-year lease. This lease doesn’t have any breaks specified and it has been rented at a rate of £6 per square foot. The lease has come with an initial 12-month rent free period and the tenants will benefit from fixed annual uplift over the course of the first five years.

Griffen acquired the Wellesbourne distribution park in February 2015, and at the time it consisted of 585,000sq. ft. of already occupied accommodation. This space was spread across 10 units and 20 acres of land. After the acquisition, Griffen announced their intention to start a 450,000 sq. ft. development programme. The letting to the luxury car manufacturer follows a 210,000 sq. ft. pre-let that was agreed with another company in October 2016. The third and fourth phases of this speculative development are set to create 50,000 sq. ft. and 70,000 sq. ft. of Grade A specification warehousing.

The WDP40 park is currently fully let, except for the two speculative units that are being marketed by Griffen. The existing tenants have benefitted from a site upgrade that has included road improvements, walkways, lighting, security, landscaping and access because of the new developments taking place on site.

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Griffin Secures Letting for Luxury Sports Car Manufacturer
BDC July 2022 issue - 294

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