New warehouse across border sold for £200m will be used by ‘world’s largest online retailler’

»

A NEW warehouse to be built just across the county border in Wiltshire has just been sold for £200m.

And the developer’s agents said it will be used by the “worlds’ largest online retailer” - all but confirming reports the Swindon building will be pre-let to Amazon for 20 years as soon as it is completed.

The deal for the is said to be the biggest single warehouse sale in British history and the leader of Swindon council says it’s a massive vote of confidence in the town.

Developer Panattoni was given permission in June for a huge new warehouse to be built at Symmetry Park - just off the A420 opposite the Gablecross police station - in what was described as a £400m investment in Swindon.

While the company is staying on the project as the developer, it has sold the warehouse to Legal and General Investment Management for £200m.

Amazon itself and Panattoni have not been willing to comment on whether the online giant has then the lease despite a leading industry publication reporting the building has been pre-let to Amazon. Property Week says Amazon has taken a lease for 20 years at £10m a year.

The warehouse would be close to the junction with the M4 and a short commute for potential workers in Gloucestershire.

The deal was confirmed by the London branch of law firm Ashurst.

The company said: “Ashurst has advised Panattoni on the £200 million forward funding of a logistics warehouse at Symmetry Park near Swindon to Legal & General.

“The building at Symmetry Park in Swindon, a key location, received planning consent in the summer and is expected to complete late 2021 with Panattoni staying on as developer.”

Mark Webster, who works for DTRE and advised Panattoni on both the pre-let and sale to Legal and General, said: “The land was bought as a speculative deal to build 1m sq ft of space - but a client got interested in it, and the design was increased to 2.32m sq ft at their specification.

“That client is the world’s largest online retailer. It has taken a 20-year lease.”