Peel Logistics Property and funding partner, Rockspring Property Investment Managers, have successfully secured a letting to Argos for the 73,000 sq ft unit at the recently completed speculative development – Island Road Reading.
Argos, the British catalogue retailer, has taken the unit on a 10-year lease. Located at one of the region’s prime distribution locations, the building benefits from being in a prominent position fronting the A33 and comprises of 61,535 sq ft of warehousing space, with 11,194 sq ft of offices.
The surrounding area is home to occupiers such as Tesco, DHL, Kuehne and Nagel, Bidvest and HSS.
The Island Road Reading urban logistics development was officially launched to the industrial market in June and provides two other detached units of 56,000 sq ft and 127,000 sq ft with large self-contained yards and excellent car parking provision. Island Road is situated less than 2 miles from Junction 11 of the M4.
Jeremy Greenland, CEO of Peel Logistics Property, said: “We’re pleased to have completed and let the first of three buildings at Island Road Reading to Argos. The deal justifies our decision to speculatively construct the units and demonstrates the demand for strategically located industrial and urban logistics developments in the region.”
Peel Logistics Property was represented by GVA and Haslams.