An 844,000 sq ft Eddie Stobart regional distribution centre is to kick-off plans for a 5m sq ft Corby logistics site.
The pre-let with Eddie Stobart, agreed with developers Mulberry and Frogmore, will see the unit built at Corby’s Midlands Logistics Park.
The shed is to be funded by investor Triatax Big Box Reit, who have paid £81.8m to forward-fund the unit,
The Midlands Logistics Park has a 500-metre rail siding and yard, allowing potential future connection to the rail network.
Construction work on the Stobart unit will be completed in late 2018.
The site has direct access to the A43 dual carriageway, which has recently been upgraded and provides significantly improved access to the M1 southbound, M6 and A1(M).
Corby has already attracted a number of major occupiers including British Car Auctions, Morrisons, Matalan, Smyths Toys, Staples and Eddie Stobart’s iForce business.
Stobart will take a new 20-year lease, subject to five yearly upward-only rent reviews indexed to the Retail Price Index, with a cap and collar. The first rent review is due in 2023. From completion of the land purchase and during the construction phase, the company will receive an income return equivalent to the rent.
Tritax partner Colin Godfrey said: "This is the first development in a new East Midlands logistics park south of Corby, which is benefitting from recent significant upgrades to the adjacent road network and offers the potential for rail connectivity.”