The Co-op has acquired a 100,000 sq ft warehouse unit in Thurrock, as part of the convenience store retailer’s expansion programme in the South East. PAI member Matthews & Goodman advised on the deal.
Located immediately to the east of the Co-op’s existing retail distribution centre, also on Oliver Road, the warehouse is the third and final letting at the 280,000 sq ft Tower Thurrock scheme.
Launched in late 2015, Tower Thurrock is a three-unit speculative development undertaken by industrial developer Bericote and joint venture partner BlackRock.
The Co-op has taken a nine-year term to tie in with their existing commitments in the area, promoted by the continued expansion of their store portfolio. The retailer will join existing tenants Amazon (125,000 sq ft) and EBB (55,000 sq ft).
Linda Scott, Property Asset & Estates Manager at the Co-op, said, “As a key element in our network, increasing our capacity at Thurrock was crucial. Through this acquisition, Matthews & Goodman has assisted the Co-op in continuing its expansion trail in the Greater London and South East region and keep stores in the area fully supported.”
The Co-op will invest £70m in over 100 new stores across the UK in 2017, creating 1,500 new jobs.
The owners were represented by Altus Edwin Hill, CBRE and Strutt & Parker.