19th Jan 2010
Legal & General Property lets 460,000 sq ft Bedford warehouse to Sainsbury's.
Legal & General Property is pleased to announce that it has secured Sainsbury's as a tenant at Bedford Connect, its 461,718 sq ft (42,893 sq m) warehouse in Marsh Leys Distribution Park, Bedford.
Sainsbury's has taken the unit on a 20-year lease at £5.50 per sq ft. Other tenants at the park, which fronts the A421 on the western side of Bedford, include Asda and Argos. The building was previously occupied by Woolworths and represented the only major distribution warehouse of its size currently available in the South East of England. It will be used by Sainsbury's to support its growing store network across the region.
Craig Westmacott, Fund Manager of the Linked Life Property Fund at Legal & General Property, comments:
"After intense competition from other leading occupiers, this deal clearly reflects the high quality, size and connectability of this unit in providing a strategically positioned South East distribution hub, as well as renewed occupier confidence in this market. Let on long lease-terms to a strong covenant, this letting provides Legal & General Property with secure income, whilst providing an immediate capital uplift."
DTZ and GVA Grimley represented Legal & General Property and Cushman & Wakefield acted for Sainsbury's.
