Property letting, sales and investment case studies - BNP Paribas Real Estate UK
CentricaAcquisition of 100,000 sq ft warehouse unit in Coventry How we acquired a new distribution site to expand Centrica’s growing business and secured a competitive deal with 27 months rent free.
- Location Prologis Park, Coventry
- Key figures 100,00 sq ft distribution Warehouse in Coventry.
- Contact Nick Waddington, +44 (0) 121 234 6869
- Centrica secured a new distribution centre to service their Smart Metering project
- As it leased the building directly, it is able to control its own destiny, and ensure that it gets the highest quality service from its distribution provider.
- It has the direct benefit of a substantial incentive package (27 months rent free and £530,000 contribution to fit out)– better than the market norm on a 10 year lease
- The client needed a new national distribution centre for the roll out of smart meters, the only base for this completely new business initiative. They wanted 100,000 -300,000sqft close to Leicester and needed to agree terms within 3 months so they could begin distributing Smart Meters.
What we did
- Originally, Centrica’s first choice was a site at Litchfield, however we advised that this would potentially have added £40,000 per week to their transport costs.
- We acquired them a 100,000 sq ft unit in Coventry which was not on their original search list. We persuaded them to take it as it was better suited to their requirements.