The deal with developer db symmetry sees the online retailer occupy 40 acres of the 90-acre Symmetry Park, Darlington. The development has been backed by Tritax Big Box Reit to a value of .£120.7 million, reflecting a net initial yield of 5.0%.
Located on the A66, seven miles from junction 57 of the A1 motorway and 20 miles from Tees Port, will be developed following agreement with landowners Durham Cathedral.
db symmetry signed an option with Durham Cathedral in November last year to promote the site and gained approval for the facility earlier this month.
Simon Dixon, development director at db symmetry,said : “This deal is the culmination of many months’ work and is undoubtedly a major coup for the scheme and this area of the North East, particularly in light of the recent closures of M&S and House of Fraser. We have worked extremely closely with Darlington Borough Council, the occupier and Tritax and we really appreciate their collaborative approach to getting this deal over the line.”
“With the deal now signed, we will look to appoint a contractor in the coming weeks and are planning to start on site imminently. We will be also seeking to gain outline planning consent for approximately 550,000 sq ft on the remaining 37-acres.”
Colliers International is jointly advising db symmetry with Gent Visick and Carter Jonas.
The project team includes: Lichfields, planning consultants; GVA, project manager; cost consultant RPP; Harris Partnership, architect: JPG, engineer and Desco, M&E consultant